Saturday, January 7, 2017

Marcus & Millichap Arranges $6 Million Sale of 78-Unit Parkside Apartments in West Palm Beach, FL

Evan P. Kristol
WEST PALM BEACH, 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 Parkside Apartments, a 78-unit apartment property located in West Palm Beach, FL, according to Ryan Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The asset sold for $6,000,000.

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, who is the original developer that has owned the property for over 46 years. Kristol and Rex also represented the buyer, a limited liability company.

Parkside Apartments is a 78-unit apartment community constructed in 1968. The property is located at 1210 Palm Beach Lakes Boulevard in West Palm Beach, FL, just a few blocks from the newly constructed Palm Beach Fashion Outlets. 

“It is a rare opportunity to find a property that consists of all two-bedroom units with separate water meters,” says Rex, Vice President Investments.

 “The buyer will also benefit from the potential to increase revenue at the property since the current rents are approximately 30 percent lower than the current market,” says Kristol, Senior Vice President Investments.

Furthermore, two brand new luxury apartment communities, totaling close to 800 units are in the final stages of construction down the street that further demonstrate the desirability and strength of the location and rental market.

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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