MIAMI—In a deal where investors saw nothing but upside, Woodlake Gardens, a 188-unit multifamily community, sold for $7.2 million. The sales price represents $38,298 per unit and $33.44 per square foot.
Darron Kattan, Kevin Kelleher, Robert Goldfinger, and Zach Ames all of Franklin Street, represented both the buyer, a local investor. The seller owned the property for more than 30 years and the seller. An out-of-state investor bought the multifamily asset.
“The property had almost zero cash flow the way it was being operated,” Kattan said. “The buyer understood the mismanagement, how they would turn it around, and was comfortable with the pricing they paid.”
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