Monday, February 15, 2016

Sailboat Bend Apartments in Fort Lauderdale, FL Sold for $2 Million in Deal Brokered by Marcus & Millichap

Sailboat Bend Apartments, Fort Lauderdale, FL

Derek R. Gibbs
FORT LAUDERDALE, 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 a 24-unit multi-family portfolio located in Fort Lauderdale, Fla., dubbed Sailboat Bend Apartments. The portfolio sold for $2,050,000 equating to $85,417 per unit.

“This was a unique opportunity to acquire several, well-maintained properties within close proximity to one another in an ideal Fort Lauderdale rental location,” says Kristol. “The portfolio is comprised of 96 percent two-bedroom units, most with new kitchen cabinets, granite countertops tile flooring.”

Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments, Evan P. Kristol, a senior vice president investments, Robert S. Hunter, a senior associate, and Brandon J. Rex, a vice president investments, 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.

Harrison Rein, an associate in Marcus & Millichap’s Fort Lauderdale office, also assisted in securing the buyer.

Daniel J. Cunningham

The communities, which range in size from four-to-six units, were built between 1963 and 2002 and have a total land area of 1.1 acres. The total unit mix includes one one-bedroom/one-bathroom unit, 12 two-bedroom/one-bathroom units and 11 two-bedroom/two-bathroom units.

The five separately parceled buildings are located in close proximity to one another in the Sailboat Bend neighborhood of Fort Lauderdale, just south of Broward Boulevard, west of downtown Fort Lauderdale and east of Interstate-95.

Included in the portfolio were:

·         200-230 Southwest 11th Ave.; two, two-story buildings with five units in each
·         1022 Southwest 2nd Court; one, one-story building with six units
·         1025 Southwest 2nd Court; one, two-story building with six units
·         1116 Arpeika Street; one, one-story building with four units

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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