Wednesday, November 4, 2015

$4.63 million sale of 40-unit apartment building in coral springs, fl brokered by Marcus & Millichap

Sherwood Square Apartments, Coral Springs, FL

Joseph P. Thomas
CORAL SPRINGS, 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 Sherwood Square, a 40-unit apartment property located in Coral Springs, Fla. The asset sold for $4,625,000 equating to more than $115,625 per unit.

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

“The Seller owned the property for 19 years, rents were well below current market levels,” says Duncan.  “Given the low initial return on investment, we were challenged with showing buyers the value add potential of the property, along with ways they could build in additional income streams.”

“The Buyer has the opportunity to immediately add value by increasing existing rents to market levels, by renting the available storage lockers on each floor and through the implementation of a utility reimbursement program,” adds Thomas.

Adam Duncan
Sherwood Square is a five-story, 40-unit building located at 1225 Riverside Drive, Coral Springs, Fla. The property is a mix of 10 one-bedroom/one-and-a-half-bathroom units and 30 two-bedroom/two-bathroom units. Common area amenities within the association include an elevator, tennis court, laundry room, swimming pool with sundeck and ample parking.

The property is situated just south of Royal Palm Boulevard and north of West Atlantic Boulevard in a residential neighborhood diversely comprised of similar style condominiums, multifamily apartment communities, and single-family homes. Its location allows for easy access to the Sawgrass Expressway and Florida’s Turnpike and is nearby many education centers and the Coral Square Mall.

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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