The Queue Apartments in Fort Lauderdale sold for $58.9 million, a modest gain from their last trade. BP Q LLC, managed by Ira Gober and Adam G. Walker of Boardwalk Properties in Davie, sold the 191 apartments at 817 S.E. Second Ave. to Real Lurra US II, managed by Paul Coelho of Lurra Capital in Miami Beach. The buyer assumed the seller's $33.16 million mortgage with American General Life Insurance Co., with Coelho taking over as loan guarantor from Gober. Property data firm Vizza confirmed the buyer and seller information. Adam J. Weiss of Solomon, Cooperman, Recondo & Weiss represented the seller in the deal. The price equated to $308,377 per unit.

The Queue Apartments last traded for $53 million in 2018, the same year they were constructed and the same year the American General Life mortgage was granted for $34.45 million.

The building's 11.3% gain in value over six years wasn't very impressive. That may be a reflection of the spike in interest rates that has made obtaining new financing more expensive, the increase in building insurance and operating costs, and the negative pressure on capitalization rates. While rents have increase dramatically in Fort Lauderdale, so have expenses. The apartment complex total 296,703 square feet on a lot of 1.62 acres. According to Apartments.com, units in the Queue Apartments range from 597 to 937 square feet and rent from $2,300 to $3,075. Amenities include a pool, fitness center and business center. Commercial Property Management Firms in South Florida