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| 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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