Thursday, April 21, 2016

Marcus & Millichap Handles $1.25 Million Sale of 14-Unit Croissant Park Apartments in Fort Lauderdale, FL

Croissant Park Apartments, 335 SW 20th Street, 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 Croissant Park Apartments, a 14-unit apartment property located in Fort Lauderdale, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,250,000 equating to $89,286 per unit.

“Croissant Park Apartments offered an investor the opportunity to purchase a stabilized, well-located asset in the heart of Fort Lauderdale, with the potential of adding value by increasing rents to current market rates,” says Evan Richardson, associate.

Richardson, along with Derek R. Gibbs and Daniel J. Cunningham, associate vice president investments, 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 Parkland, Fla.  The buyer was a limited liability company from Sacramento, CA. 

Built in 1975 Croissant Park Apartments consists of two, two-story buildings that sit on two adjacent parcels totaling 0.49 acres.  The first building, located at 335 Southwest 20th Street, consists of six, one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units and two studio units. The second building, located at 1920 Southwest 4th Avenue, consists of four, one-bedroom/one-bathroom units.

Croissant Park Apartments is located at the northeast corner of Southwest 4th Avenue and Southwest 20th Street, a few blocks west of Federal Highway, a half-mile south of Davie Boulevard and a half-mile north of State Road 84, at 335 SW 20th Street.

For a complete copy of the company’s news release, please contact:
 Ryan Nee
Vice President / Regional Manager
 Fort Lauderdale, FL

(954) 245-3400

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