Saturday, August 20, 2016

Marcus & Millichap Arranges $1.7 Million sale of 14-Unit Lilac Park Apartments in Palm Beach Gardens, FL

Evan Richardson
PALM BEACH GARDENS, 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 Lilac Park Apartments, a 14-unit apartment property located in Palm Beach Gardens, Florida. The asset sold for $1,700,000 equating to $121,429 per unit.

            “Lilac Park Apartments offered an investor the opportunity to purchase a turn-key, stabilized and upgraded multi-family property in an affluent submarket of Palm Beach County,” says Evan Richardson, associate in Marcus & Millichap’s Fort Lauderdale office.  

“The property was purchased by an investor in a 1031 exchange from New York looking to acquire additional property in South Florida.”

Richardson, along with Daniel J. Cunningham and Derek R. Gibbs, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Hobe Sound, Florida. The buyer was a limited liability company from New York City.

Built in 1963, Lilac Park Apartments consists of seven duplexes situated on 1.68 total acres. The 14 units all have two-bedrooms and one-bathroom. Lilac Park Apartments is located between Northlake Boulevard and PGA Boulevard at 10034 Plant Drive in Palm Beach Gardens

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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