FT LAUDERDALE, FL, Jan. 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Villa Teresa Apartments (top left photo), a 38-unit apartment building in Wilton Manors, Royal Palm Apartments, a 52-unit apartment building in Lauderdale Lakes and Emerald Plaza, a mixed-use building in Dania Beach, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office.
Senior Vice President Investments Evan P. Kristol (middle right photo)and Still Hunter, III (lower left photo) and Senior Associate Joseph P. Thomas of the firm’s Fort Lauderdale office represented the seller of the three properties, a private investor from Ft Lauderdale, Fla.
Kristol, Hunter and Thomas also secured the Boca Raton limited liability company who purchased Villa Teresa and the limited liability company from Lauderdale Lakes who purchased both Royal Palm Apartments and Emerald Plaza. The three properties closed on December 21, 2011.
Villa Teresa is a 38-unit multi-family property consisting of two, two-story apartment buildings located on NE 29th Drive in Wilton Manors, Florida. The property consists of 12 one-bedroom units and 26 two-bedroom units. The property sold for $2,175,000 to a limited liability company from Boca Raton, Fla.
Royal Palm Apartments is a 52-unit apartment community located at 3001 NW 35th Avenue in Lauderdale Lakes, Fla. The property consists of 36 one-bedroom units and 16 two-bedroom units between three buildings. Royal Palm Apartments sold for $1,750,000 to a limited liability company from Lauderdale Lakes, Fla.
Emerald Plaza is a mixed use property with 29 residential units and five retail bays located at 5950 SW 40th Avenue in Dania Beach, Florida. The property consists of three two-story buildings consisting of 27 one-bedroom units, two two-bedroom units and five retail bays. Emerald Plaza sold for $1,500,000 to a limited liability company from Lauderdale Lakes, Fla.
“The portfolio generated tremendous investor interest with more than 50 site tours and 30 initial bids during our two-week marketing period,” says Thomas. “We were able to navigate through the holiday season and successfully close each transaction in less than 30 days.”
Press Contact: Gregory Matus, Regional Manager / Vice President,
Fort Lauderdale, (954) 245-3400
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