Tuesday, August 11, 2015

Marcus & Millichap Arranges Sale of villas of Pembroke Pines in Pembroke Pines, FL

Adam Duncan
PEMBROKE PINES, 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 Villas of Pembroke Pines, a 40-unit apartment property located in Pembroke Pines, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $3,180,000 equating to $79,500 per unit.

Adam Duncan, a senior associate, Joseph P. Thomas, a vice president investments and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Sewalls Point, Fla., and the buyer, a private investor from Hallandale Beach, Fla.

“We were able to generate multiple offers through our marketing process and ultimately closed at our asking price,” says Duncan. 

Joseph P. Thomas
“The buyer was able to add to their footprint in Southern Broward County allowing for continued growth of their portfolio with the acquisition” Thomas added. 

The Villas of Pembroke Pines consist of two, two-story multifamily buildings totaling 40 units located just east of Florida’s Turnpike, south of Pembroke Road. 

The property offers an excellent unit mix including 32 one-bedroom apartments and eight two-bedroom apartments. The units feature spacious floorplans with ceramic tile flooring, electric appliances, walk-in closets and central air-conditioning.

The property is located at 6601 and 6661 SW 18th Street near many area schools and colleges, including a number of flight schools, Florida International University, Broward College, Pembroke Pines Elementary School, West Hollywood Private School and Flanagan High School. 

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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