The recently completed multifamily asset, The Queue, has been sold to Boardwalk Properties for $53 million. The seller, a joint venture between Urban Street Development and Fazio Properties, developed the seven story, 191 unit property. Located at 817 SE Second Ave. in Fort Lauderdale’s urban core, the asset changed hands for just over $277,485 per unit. 95 percent-leased at the time of sale, the pet-friendly property includes a courtyard pool, two-story gym, private suite for parties and business meetings as well as an electric car charging station. The community also encompasses 323 parking spaces. The deal was completed with a ten-year, $34.5 million loan originated by AIG. “We invest in specific neighborhoods where we feel there are long-term and sustained values,” said Adam Walker, principal of Boardwalk Properties. “This neighborhood, south of the New River, is quickly emerging as a cool and hip alternative to Flagler Village.”
