Franklin Street has brokered the $3.8 million sale of Normandy Apartments, a 30-unit apartment property in Pompano Beach. Dan Dratch, Greg Matus and AJ Stanford of Franklin Street’s Fort Lauderdale team represented the seller, Maven Real Estate, in the transaction as well as the buyer, Axiom Holdings.

Located at 1751 NE 31st St., the community was built in 1964 using reinforced concrete block construction. The unit-mix includes four studios, 22 one-bedroom and four two-bedroom units, totaling approximately 16,700 square feet.

“There is no shortage of demand for value-add assets in South Florida,” said Dratch. “Investors are looking for well-located real estate that has a value-add component where they can push the rents through a beautification of the property. Because of the competitive market we are in, new buyer cap rates are compressing while pro forma numbers still look appealing to multifamily investors.”

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