Sunday, March 30, 2014

South Florida Multifamily Complex, Brokered by Marcus & Millichap, Sells for $18.2 Million

Whispering Palms Apartments, 5540 NW 36th Street, Lauderdale Lakes, FL

Tal Frydman

LAUDERDALE LAKES, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Palms, a 315-unit apartment complex in Lauderdale Lakes, Fla. The $18,200,000 sales price equates to $57,800 per unit.

            Tal Frydman, vice president investments, Daniel Cunningham, senior associate, and Derek Gibbs, senior associate, all in the Fort Lauderdale office of Marcus & Millichap, represented the seller, a Miami- and New York-based investor, and the buyer, a private investor from New York.

            “Whispering Palms is a stabilized multifamily asset in Broward County, where respectable economic trends are driving apartment performance,” says Frydman. “Housing starts and retail sales are rising, and job growth has been solid, lowering the county’s unemployment rate to less than the national and statewide level.”

Daniel Cunningham
            “Whispering Palms is well positioned for value enhancement through the continuation of its renovation program,” adds Frydman. “The seller purchased the complex from a lender 18 months ago. At that time, the property had a significant amount of deferred maintenance and was more than 60 percent vacant,” Frydman continues. 

“The seller stabilized the asset and made significant improvements. The buyer, who also owns the property next door, saw the property’s improved potential and moved ahead of the competition to secure it.”

            “The new owner already has management in place,” Frydman concludes.

            Built in 1973 on just less than eight acres, the apartment complex is located at 4540 NW 36th St. in Lauderdale Lakes, Fla., minutes from Florida’s Turnpike, Interstate 95, employment centers, shopping destinations and Fort Lauderdale International Airport.

            Whispering Palms consists of five four-story apartment buildings containing 46 one-bedroom/one-bath units, 118 two-bedroom/one-bath apartments, 70 two-bedroom/two-bath units and 81 three-bedroom/two-bath apartments. 

Derek Gibbs
Community amenities include a playground, pool, on-site laundry, two elevators in each building, on-site parking and an on-site management office. Apartments feature central air-conditioning, spacious closets and balconies and/or patios. 

Approximately 30 units have upgraded kitchens with new cabinets, countertops and tiles, and approximately 40 percent of the apartments have new bathroom vanities. 

At the time of the sale, Whispering Palms was approximately 96 percent occupied.

Gina Relva
Public Relations Manager
(925) 953-1716

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