Terra Equity Group Acquires Property From Defined Companies For $7 Million In Fort Lauderdale

A 22-unit luxury apartment community located at 3050 NW 68th St in Fort Lauderdale, FL, has been sold for $7,000,000. The property, which is classified as Class A, was completed in 2020 and achieved full lease-up in early 2021. Currently, the asset is fully occupied, with an average rent of $1,890 per month.

Summary of transaction details:

• Property Type: Apartment Community
• Transaction Amount: $7,000,000.00
• Buyer: Terra Equity Group
• Buyer’s Representatives: Dan Dratch - Franklin Street, Greg Matus - Franklin Street
• Seller: Defined Companies
• Seller’s Representative: Tal Frydman - Newmark
• Average Rent: $1,890
• Occupancy Rate: 100%
• Year Completed: 2020
• Previous Name: Lineo Palm Aire
• New Name: Terra Palm Aire

The acquisition was facilitated by Frankin Street's Dan Dratch and Greg Matus, representing Terra Equity Group. Defined Companies, represented by Tal Frydman of Newmark, was the seller in this off-market transaction. The site features two three-story buildings on just under one acre, offering one- and two-bedroom floor plans averaging 1,011 square feet, equipped with modern amenities.