The $2.9 million sale of an apartment building in Fort Lauderdale was a record for the highest unit price fetched for a 1970s apartment property in the city's Victoria Park neighborhood.

The sale price breaks down to $241,667 for each of the 12 units.

The deal was handled by a Franklin Street team. Investment associate Dan Dratch in Fort Lauderdale, multifamily investment sales director Hernando Perez in Miami and investment associate Kameron Djamal in Plantation closed the deal Jan. 19 on behalf of the seller.

Franklin Street declined to disclose the seller except to say it's a local, private investor.

The Broward County property appraiser's office shows Casa Victoria Apartments LLC sold the property to 640 NE 7TH Ave LLC, which lists Thomas Fred Jr. of Pembroke Pines as the manager.

Casa Victoria is at 640 NE Seventh Ave. between Federal Highway and Holiday Park.

Selling the property at a record price per unit was a challenge, Dratch and Perez said.

“The challenges are centered around going to market with a price on a property that's really never been achieved before,” Dratch said. “Typically, you have other comparables that you can benchmark the area.”

Traditionally, Perez said investors “would not be comfortable even understanding the price points we were looking to achieve. It was really difficult … to find the right buyer … (who is) understanding of the value of the real estate.”

The seller bought the property in November 2015 for $1.6 million, according to the property appraiser's office.

The plan was to reposition the L-shaped building with a pool for resale, Dratch said. And that's what the seller did, although the improvements were above and beyond the traditional repositioning with the seller spending more than $600,000.

The rents at Casa Victoria average more than $2.50 per square foot. Studios rent for $1,100 a month, and three-bedroom units go for up to $2,550.

“These owners actually gutted the entire building and rebuilt it underneath the shell. That tends to be a costly project. The challenge is getting somebody to buy off on that,” Dratch said. “Everything was brand new.”

The revamped property has its location going for it, Perez said. Casa Victoria is a short walk to supermarkets and restaurants and near Flagler Village, a growing area where old warehouses and residences have been renovated and are drawing artists, retailers and restaurateurs.

Franklin Street assisted in the transaction on another front. The firm has an insurance service, and senior directors Evan Seacat and Ryan Cassidy, both in Plantation, insured the asset for the buyer.