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March 04, 2020  

Rental Renovation Play Pitched in Fla.

A South Florida apartment property is on the block as a value-added play.The 345-unit Del Oro, in the Broward County city of Plantation, is expected to attract bids of about $60 million. At that $174,000/unit valuation, the capitalization rate would be 5%. Newmark is representing Northland Investment of Newton, Mass., which has owned the property for more than 20 years.The garden-style complex, at 7001 NW 16th Street, was completed in 1973 and is...

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