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| Evan P. Kristol |
DAVIE, FL, June 23, 2014 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced the sale of College
Square Apartments, a 64-unit apartment complex located in Davie, FL. The
asset sold for $5,750,000 equating to $89,844 per unit.
Evan P. Kristol, a senior vice president investments,
and Joseph P. Thomas, a vice president investments, in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company from Boca Raton,
FL. The buyer, a private investor from
Hollywood, FL was also secured and represented by Kristol and Thomas.
“College Square Apartments was a rare opportunity to acquire
a mid-size, value-add property in an excellent Broward County rental
location.
" This property is ideally
located adjacent to the South Florida Educational Center, which is comprised of
area schools, colleges and universities.
The buyer expects to increase revenue through renovations and improving
operational efficiencies,” says Thomas.
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| Joseph P. Thomas |
“We generated tremendous interest through our marketing
campaign and ultimately closed at the full asking price, with multiple backup
offers.
"This was one of a handful of
remaining non-institutional assets left in the Davie submarket. The buyer was
attracted to the rarity of the deal and the tremendous upside potential,” adds
Kristol.
College Square is comprised of six two-story residential
buildings with 40 one-bedroom apartments and 24 two-bedroom apartments. The community also includes a gated swimming
pool and sundeck, barbecue grilling areas, a leasing office and laundry
facility.
College Square Apartments is located at 6600 SW 39th Street
in Davie, FL.
For a complete copy of the company’s news release, please
contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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