Friday, January 6, 2012

$26.5 Million South Florida Apartment Community Sold by IPA

 PLANTATION, FL–Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Mar Lago Village (top centered photo) a 216-unit, 231,952-square foot luxury apartment community in Plantation.

The sales price of $26.5 million represents $122,685 per unit and $114 per square foot.

Still Hunter, III (top right photo) and Evan P. Kristol (middle left photo), both senior vice presidents investments, represented the seller, Mar Lago Village Associates Ltd. and the buyer, Henderson Global Investors Limited. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“Mar Lago Village was 99 percent occupied at the time of the sale and had a trailing 12-month occupancy history of greater than 96 percent, which is indicative of the desirability of the product; its outstanding location; and the overall strength of the Broward County rental market,” says Hunter.

“Mar Lago Village is well positioned to provide immediate and stable cash flow with significant upside through a limited value-add program that will enhance the curb appeal of the community,” adds Kristol.

Built in 1999, the property is located on 13.9 acres at 200 Commodore Drive in Plantation, which is part of the Miami-Fort Lauderdale-Pompano Beach metropolitan statistical area.

 Mar Lago Village is comprised of 15 residential buildings and a clubhouse.

Constructed of concrete block and stucco with pitched concrete tile roofs, the residential buildings are two-story garden-style walk-ups with a Mediterranean appearance complemented by lush tropical landscaping.

The complex benefits from a low-density site plan of less than 16 units per acre, which gives the property a neighborhood-like atmosphere.

The floor plans average 1,074 square feet and the unit mix is 24 one-bedroom/one-bath units, 160 two-bedroom/ two-bath apartments and 32 three-bedroom/two-bath units.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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