FORT LAUDERDALE, FL. – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state of Florida, announced the following two sales of multifamily properties:
Address: 160 NW 14th Street Pompano Beach, FL 33060
Loan: $745,000
Sold: $380,000
Units: 14
Seller: ECP Properties, Inc., represented by Reese Stigliano and Steve Hyatt
Buyer: Merk Funds, LLC
Address: 100 NE 10th Street Pompano Beach, FL 33060
Loan: $559,000
Sold: $255,000
Units: 8
Seller: Letelier, LLC, represented by Reese Stigliano and Steve Hyatt
Buyer: Wilcin, LLC
"Although neither of these sales are very large in dollar volume, a couple of significant trends have emerged in this asset class," said Reese Stigliano (lower left photo) , principal of Berger Commercial Realty Corp. "Transactions are happening. We now see buyers making offers and sellers accepting offers.
"Prices have dropped to a level that are acceptable to the buyer and the general feeling is we have hit the bottom of the market. These sales show that today’s prices are 50% or less than the last sale of the property."
Contact: Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999 ext. 226, mmsologuren@piersongrant.com
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