Tuesday, July 26, 2016

Marcus & Millichap Brokers $3.75 Million Sale of The Gardens of Coral Springs Apartment Community in Coral Springs, FL

Joseph P. Thomas
CORAL SPRINGS, 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 The Gardens of Coral Springs, a 30-unit apartment property located in Coral Springs, Fla. The asset sold for $3,750,000.

            “Investors remain energetic in their search for yield and value-add opportunities, extending their focus to suburban Broward County. 

"Strong annual rent increases continue to attract prospective buyers to the suburbs, especially for properties that sell for less than $10 million,” says Joseph P. Thomas, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

 “The Gardens of Coral Springs sold for a 6 percent capitalization rate and the buyer has a significant value-add opportunity in moving rents to market levels and implementing utility reimbursement.  The property is currently sub-metered for water, but water was not being reimbursed as of the closing date.”

Thomas as well as Adam Duncan, a senior associate, and Derek Soven, an associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Lighthouse Point, Fla., and the buyer, a limited liability company from Coral Springs, Fla.

The Gardens at Coral Springs consists of 30 two-bedroom/two-bathroom units within a two-story building. The property is located at 8203 W. Sample Road close to the Sawgrass Expressway and Florida's Turnpike.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

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