POMPANO BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Yellow Park Portfolio (top left photo), a 60-unit apartment property located in Pompano Beach, FL, according to Gregory Matus, Vice President/Regional Manager of the firm’s Ft. Lauderdale office.
The asset commanded a sales price of $2,065,000.
Derek R. Gibbs, Daniel J. Cunningham and Tal I. Frydman (middle right photo), investment specialists in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Latin America. The buyer, a limited liability company from Boca Raton, was also secured and represented by the listings agents.
“This was a real estate transaction with many moving parts and unique challenges. The sellers were international investors who had to travel to Florida for the closing. Also, one of the five buildings is vacant and needs significant renovations.
The buyers, who are local to South Florida, intend to stabilize the asset by completing the renovation and making the vacant building operational to take advantage of the upside of rental increases,” says Gibbs.
Yellow Park Portfolio consists of five non-contiguous two-story buildings that contain a total of 58 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units.
The property is located south of Atlantic Boulevard, north of McNab Road and west of South Cypress Road at 170 SW 8th Street in Pompano Beach, Fla.
Press Contact: Ashley Steele, (954) 245-3400
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