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| Opabola Square Apartments, Lake Park, FL |
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| Evan Kristol |
LAKE PARK, 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 Opabola Square Apartments, a 56-unit apartment property located in
Lake Park, Fla., according to Ryan Nee, regional manager of the firm’s Fort
Lauderdale office.
The asset sold for
$4,550,000 equating to $79,464 per unit.
Evan P. Kristol,
a senior vice president investments, and Brandon
J. Rex, a vice president investments, both in Marcus & Millichap’s Fort
Lauderdale office, had the exclusive listing to market the property on behalf
of the seller, a private investor from Lake Worth, Fla.
The buyer, a limited
liability company from Miami, was secured and represented by Felipe J. Echarte, a vice president
investments, in Marcus & Millichap’s Fort Lauderdale office.
“It was a great
opportunity for the buyer to acquire an apartment community with a desirable
unit mix of two- and three-bedroom units in a growing submarket of Northern
Palm Beach County,” says Rex.
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| Brandon J. Rex |
“The Buyer, who purchased
the property to complete a 1031 exchange, was attracted by the very unique unit
mix and ability to add value by increasing the income through property upgrades
and hands-on management,” says Echarte.
Opabola Square Apartments
consists of six, two-story residential buildings with a unit mix of 32
two-bedroom/one-bathroom units and 24 three-bedroom/two-bathroom units. The property was constructed between 1962 and
1963 and sits on a total of 1.58 acres.
Opabola Square Apartments
is located just north of Park Avenue, east of Old Dixie Highway and west of
Federal Highway at 932 Magnolia Drive and 938 Northern Drive.
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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