Monday, May 30, 2016

Marcus & Millichap Brokers $1.24 Million Sale of Eight-Unit East Delray Apartments in Delray Beach, FL

East Delray Apartments, 613 NE Fourth Street, Delray Beach, FL

Brandon J. Rex
DELRAY BEACH, 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 East Delray Apartments, an 8-unit apartment property located in Delray Beach, Fla. The asset sold for $1,245,000 equating to $155,625 per unit.

“This was a unique opportunity to acquire a meticulously maintained boutique apartment building in Delray Beach,” says Brandon J. Rex, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The new owner should benefit from the surrounding employment base and development in the area as well as Atlantic Avenue’s restaurants, shopping and entertainment.”

Rex along with Evan P. Kristol, a senior vice president investments also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investment group based in Delray Beach, Fla. and the buyer, a local investor from Boca Raton, Fla.

East Delray Apartments was constructed in 1973 and was extensively renovated in 2008 and 2009 by the previous owner. The unit mix is comprised of eight one-bedroom/one-bathroom apartments.

The property is located four blocks north of Atlantic Avenue at 613 NE 4th 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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