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| Brandon J. Rex |
POMPANO BEACH, 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 Santa Barbara Arms,
a 22-unit apartment property located in Pompano Beach, Fla.
The asset sold for $2,900,000 representing $131,818 per
unit.
Brandon J. Rex, a vice president investments and Evan
P. Kristol, a senior vice presidents investments, in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a private investor from Pompano Beach, Fla.
The buyer, a limited
liability company from Avon, CT, was secured and represented by Felipe J.
Echarte, a vice president investments, also in Marcus & Millichap’s
Fort Lauderdale office.
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| Evan P. Kristol |
“With the scarcity
of and demand for the few remaining waterfront rental properties, Santa Barbara
Arms was a very rare opportunity to acquire an asset that has not been offered
for sale for well over 20 years,” says Rex.
“The property is only one of a few remaining parcels of land
that has the potential to be redeveloped into condominiums or townhomes,
providing its owners direct ocean access with no fixed bridges.
“ Furthermore, as the rental market continues to strengthen
in South Florida, Santa Barbara Arms makes for an excellent repositioning
opportunity through exterior upgrading and unit renovations.”
The property, located at 811 and 831 SE 22nd Avenue in
Pompano Beach, FL, sits on one of Lake Santa Barbara’s finger canals and is in
close proximity to Federal Highway, a major north/south thoroughfare and is
close to restaurants, shopping and the beach.
Santa Barbara Arms consists of two adjacent, separately
parceled buildings that have been operated as one rental community by the same
family for over 20 years. Building 811 consists of 14 units which are comprised
of seven one-bedroom/one-bath units, six two-bedroom/two bath units and one
large three-bedroom/two bath unit. Building 831 consists of eight units which
are comprised of four one-bedroom/one-bath units and four two-bedroom/one and a
half bath units.
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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