Sunday, November 15, 2015

Marcus & Millichap Brokers $2.2 Million Sale of 25-Unit Miramar Gardens Apartments in Miramar, FL

Daniel J. Cunningham
MIRAMAR, 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 Miramar Gardens Apartments, a 25-unit apartment property located in Miramar, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,200,000 equating to $88,000 per unit.

Daniel J. Cunningham, an Associate Vice President, Investments, Derek R. Gibbs, an Associate Vice President Investments, and Evan Richardson, an associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Hollywood, Fla.

Miramar Gardens Apartments is a 25-unit apartment community consisting of a single, two-story apartment building which was constructed in 1975.  The unit mix is comprised of one, three-bedroom/three-bathroom unit, one three-bedroom/two-bathroom unit, eight two-bedroom/one-bathroom units, and 15 one-bedroom/one-bathroom units.

“Unwavering investor interest and additional migration of capital from Miami-Dade in search of higher yields continue to support a liquid investment market and place upward pressure on values in Broward County,” says Cunningham.

“This property is 100 percent occupied and a majority of the units have received interior renovations. The property’s historically high occupancy can be attributed to the nearby ‘A-rated’ elementary, middle and highs schools, trade schools and college campuses,” Gibbs adds.

Miramar Gardens Apartments is ideally positioned less than a quarter-mile from State Road 7 and Hallandale Beach Boulevard (SR 858), and is within a close proximity to area’s major retail and schools.  The property is located at 6024 SW 26th Street.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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