Saturday, August 27, 2016

$7.5 million sale of 88-unit Lauderhill, FL apartment property arranged by marcus & Millichap

Viewmax Apartments, 2011 NW 55th Avenue, Lauderhill, FL

Daniel J. Cunningham
LAUDERHILL, 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 Viewmax Apartments, a 88-unit apartment property located in Lauderhill, Florida, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,500,000 equating to $85,227 per unit.

“The property has experienced high historical occupancy in large part because of Lauderhill’s infill location, high demographic density, and proximity to West Oakland Park Boulevard and Northwest 19th Street. 

The asset has averaged near 100 percent occupancy over the past several years,” says Daniel J. Cunningham, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Cunningham along with Derek R. Gibbs, vice presidents investments, and Evan Richardson, associate, also 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 North Bay Village, Florida.  The buyer was a limited liability company from Plantation, Florida. 

Viewmax Apartments is a mid-rise, four-story, three-building, catwalk-style apartment complex. The property consists of 88 spacious, two-bedroom/two-bathroom units and has two elevators, on-site parking, laundry facilities on each floor and an on-site management office.

Located at 2011 NW 55th Avenue, the community sits on a 2.86-acre lot surrounded by condominiums of like age and composition and several entertainment venues. East of the community is the City of Lauderhill Aquatic Center, Mullin Park, and the Boys and Girls Club of Lauderhill. Immediately west is a Lauderhill Fire-Rescue substation and Royal Palm Elementary School.

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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