 |
| Harrison Rein |
WEST PALM 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 a portfolio of 12 apartment
properties located in West Palm Beach and Coconut Creek Fla., according to Ryan
Nee, regional manager of the firm’s Fort Lauderdale office.
The 115 unit-portfolio
sold for $8,490,000.
Harrison Rein,
an associate, and Robert S. Hunter,
a senior associate, in Marcus & Millichap’s Fort Lauderdale office,
represented the seller, a private investor from Chicago, IL and the buyer, a
private investor from Miami Beach, Fla.
“The portfolio presented
an opportunity for the buyer, who was in a 1031 exchange looking to expand on
their South Florida holdings, to acquire a critical mass of units in close
proximity to the Downtown West Palm Beach area,” says Rein.
The portfolio is comprised
of nine buildings in West Palm Beach and three buildings in Coconut Creek. The unit mix consists of six studios, 85
one-bedroom/one-bathroom units, six two-bedroom/one-bathroom units, 16 two-bedroom/two-bathroom
units and two three-bedroom/one-bathroom units.
The properties are located
at:
· 515 South Sequoia Drive, West Palm
Beach, Fla
· 306 N Lakeside Court, West Palm Beach,
Fla
· 314 N Lakeside Court, West Palm Beach,
Fla
· 311 Pine Terrace, West Palm Beach, Fla
· 315 Pine Terrace, West Palm Beach, Fla
· 1305 Florida Avenue, West Palm Beach,
Fla
· 1701 Georgia Avenue, West Palm Beach,
Fla
· 1707 Georgia Avenue, West Palm Beach,
Fla
· 2716 S. Dixie Highway, West Palm
Beach, Fla
· 2724 S. Dixie Highway, West Palm
Beach, Fla
· 460 Sunshine Drive, Coconut Creek, Fla
· 470 Sunshine Drive, Coconut Creek, Fla
· 471 Sunshine Drive, Coconut Creek, Fla
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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