Thursday, April 21, 2016

Washington Manor Apartments in Hollywood, FL Sold for $625,000 in Deal Brokered by Marcus & Millichap

Washington Manor Apartments, 1852 Washington Street, Hollywood, FL

Evan P. Kristol
HOLLYWOOD, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Washington Manor, an 8-unit apartment property located in Hollywood, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $625,000 equating to $78,125 per unit.

            “Investors continue to target Class C properties in Hollywood where they see opportunity in value-add projects by filling the rent gap between Class A and Class C units,” says Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. 

“Washington Manor offered an opportunity for an investor to take advantage of the property’s recent renovations and upgrades and stabilize rents to market levels.”

Kristol along with Robert S. Hunter, senior associate, Derek R. Gibbs and Daniel J. Cunningham, associate vice presidents investments, Brandon J. Rex, vice president investments and Evan Richardson, 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 Fort Lauderdale, Fla.  The buyer is a limited liability company from Fort Lauderdale, Fla.

            Built in 1932 on a 0.25 acre lot Washington Manor consists of two adjacent, two-story buildings with a fenced-in backyard.  The unit mix consists of all one-bedroom/one-bathroom apartments.

The property is situated west of South Federal Highway and south of Hollywood Boulevard at 1852 Washington 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

No comments: