Tuesday, February 9, 2016

Marcus & Millichap Arranges $2.7 Million Sale of 31-Unit Margate Manor Apartments in Margate, FL

Derek R. Gibbs
MARGATE, 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 Margate Manor, a 31-unit apartment property located in Margate, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $2,775,000.

“Small private investors are targeting assets in good physical condition and with strong tenant profiles outside of the city of Fort Lauderdale - where they can achieve greater returns,” says Derek R. Gibbs, an associate vice president investments.

“Margate Manor Apartments is fully-occupied and features unit upgrades and recent building improvements,” adds Daniel J. Cunningham, an associate vice president investments. “We received multiple offers and ultimately closed at list price.”

Gibbs and Cunningham along with Evan P. Kristol, a senior vice president investments, Brandon J. Rex, a vice president investments, and Robert S. Hunter, a senior associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company from Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami Beach.

The two-story residential property contains 31 units comprised of 22 two-bedroom/two-bathroom units, eight one-bedroom/one-bathroom units and one studio. Each apartment features brand new wood kitchen cabinets, granite counter tops, ceramic flooring and new central air-conditioning units. The building also has a new roof and updated landscaping.

Located at 6095 NW 8th Street on 0.814 acres along State Road 7, Margate Manor Apartments is in a high-density neighborhood predominantly consisting of retail supercenters, restaurants and bars.

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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