Sunday, July 24, 2016

Marcus & Millichap Arranges Sale of Two Fort Lauderdale, FL Apartment Buildings

Joseph P. Thomas
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 two apartment buildings located in Fort Lauderdale and Wilton Manors, Fla..

Riverlane Condominiums, a 24-unit condominium property located in Wilton Manors, sold for $2,350,000 and Middle River Gardens, a 16-unit apartment complex located in Fort Lauderdale, sold for $1,750,000.

Both the buyer and seller were represented by Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office.

            “Stabilized multifamily assets in strong core locations continue to attract prospective buyers to Fort Lauderdale, especially when there is a clear path to continue to add value and increase rents. 

"The properties are located in strong rental markets and both had recent renovations and upgrades,” says Adam Duncan a senior associate in Marcus & Millichap’s Fort Lauderdale office.

Riverlane Condominiums was originally constructed in 1967 and was renovated and converted to condominiums in 2006.  The property has a unit mix of 12 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units. It is located at 3007-3011 North Andrews Avenue.

Middle River Gardens was constructed in 1957 and received upgrades to its kitchens and bathrooms and a new roof in 2011. The property has a unit mix of seven studios, eight one-bedroom units and one two-bedroom unit.  It is located at 2809 and 2901 Middle River Drive. 

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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