Wednesday, November 4, 2015

Marcus & Millichap Arranges $4.55 Million Sale of 56-Unit Opabola Square Apartments in Lake Park, FL

Opabola Square Apartments, Lake Park, FL

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.

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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