Thursday, December 29, 2016

58-Unit Canard Apartments in Davie, FL Sold for $5 Million in Deal Brokered by Marcus & Millichap

Brandon J. Rex
DAVIE, FL, Dec. 29, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Canard Apartments, a 58-unit apartment property located in Davie, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,000,000.

Canard Apartments consists of 3681/3711/3721/3731/3741/3801 SW 60th Terrace and 3740/3760 SW 61st Avenue in Davie, FL.   The community consists of eight buildings on a total of 1.73 acres of land.  Canard Apartments has an excellent unit mix of four one-bedroom apartments, eight two-bedroom and one-bathroom apartments, 30 two-bedroom and one and one-half bathroom apartments and 16 two-bedroom and two-bathroom apartments.

Evan P. Kristol, Senior Vice President Investments, and Brandon J. Rex, Vice President Investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“An out of area partnership owned the asset for a very long time.  They were hesitant in exclusively listing due to the amount of unsolicited interest they were receiving.  We brought a buyer to the table that we had closed within the past and who was a large owner of similar properties throughout Broward County.

“ The asset had deferred maintenance but the rents were far below market and with a unit mix that is predominantly two-bedroom units, the buyer will be able to significantly increase rents after renovating the property,” says Kristol.

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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