FORT LAUDERDALE, FL— Matthews™, a commercial real estate investment services and technology firm, facilitated the sale of an apartment building, located at 2561, 2571, 2581, 2591 NW 56th Ave in Lauderhill, Florida. Matthews™ Associate Vice President Gabriel Peña and Associate Erik Leon represented both the seller and buyer in the $5,800,000 transaction.

 

Centrally located in the Sunrise Submarket, Inverrary on the Lake offers walkable accessibility to national retailers, including Publix, Walgreens, and Pollo Tropical, with convenient access to Florida’s Turnpike and I-95. The 33,246-square-foot asset features 36 units, comprising 18 two-bedroom/one-bathroom and 18 two-bedroom/two-bathroom units, each equipped with an in-unit washer and dryer, central A/C, and assigned parking. The community benefits from on-site amenities including a community pool, clubhouse, scenic lake views, and 18 private storage units.

 

Motivated to bring the asset to market as a loan on the property was approaching maturity, the seller, Shimon Mazar, engaged Matthews™ to find a buyer who understood the asset’s unique structure as an HOA operating as a single multifamily building. The assignment required persistence, as the transaction spanned over a year and a half, navigating two price reductions and three separate contracts. The Matthews™ agents leveraged the firm’s proprietary database to directly source the buyer, Jay Krigsman, who was attracted to the property’s upside potential. To facilitate the disposition, Matthews™ Capital Markets secured favorable financing for Krigsman at 80% LTV and a 5.1% interest rate, resulting in an attractive cost basis of $161,111 per unit.

 

“This deal is a testament to the power of relationships and persistence,” Peña said. “Three contracts, two price reductions, and a year and a half later, we never stopped working for our client. When the right moment came, we knew exactly who to call, and having the backing of the firm’s database and finance division gave us every tool we needed to get this across the finish line.”

 

For more information, please contact Gabriel Peña and Erik Leon or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.