PLANTATION, FL,– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Landmark Towers (top left photo), a 167-unit apartment property located in Plantation, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $8,810,000.
Tal I. Frydman (middle right photo) and Felipe J. Echarte (lower left photo), who are both Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York, NY.
The buyer, a partnership from Philadelphia and New York, was also secured and represented by Frydman and Echarte.“The property had a high vacancy and a tremendous amount of deferred maintenance. The deal was difficult to complete as we had to find a unique buyer to assume the mortgage,” says Echarte.
“The assumable financing of 80 percent LTV gave the buyer a chance to get in with 20 percent down and also an opportunity for a huge upside potential once the renovations are completed and the property is stabilized,” adds Frydman.
The property is located east of The Florida Turnpike, west of NW 40th Avenue, south of West Sunrise Boulevard and north of West Broward Boulevard. This distinct location is minutes from great dining, shopping, and entertainment. Landmark Towers is located at 601 NW 42nd Avenue.
Press Contact: Ashley Steele, (954) 245-3400
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