LAUDERDALE LAKES, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed on the sale of Hawaiian Palms (top left photo), a 245-unit multifamily property in Lauderdale Lakes. The sales price of $14.1 million represents $57,551 per unit and $58 per square foot.
Craig Porter (lower left photo), a senior associate, and Darryl Matus, a multifamily property specialist, both in the firm’s Fort Lauderdale office, represented the seller, a Plantation, Fla.-based limited- liability company. Porter also represented the buyer, a South American private investor.
Bill Papagno and Michael McCleary, directors in Marcus & Millichap Capital Corporation’s Fort Lauderdale office, arranged financing for the transaction.
“Hawaiian Palms represents one of the very highest price-per-door, price-per square foot, and overall sales price amounts in the history of Lauderdale Lakes,” says Porter.
“This was a great opportunity for an investor to acquire a turn-key apartment community in a historically high-occupancy location. The sale suggests a clear recognition that the marketplace sees value and upside in the South Florida commercial multifamily market,” Porter continues.
“The buyer plans to add further amenities while continuing to provide quality housing for tenants,” adds Porter. “Marcus & Millichap’s national platform and the collaboration between its 1,200 agents generated 70 showings and 18 legitimate offers.”
The 245,000-square foot property is located on 12 acres at 3540 NW 50th Ave., one block north of Oakland Park Boulevard. and the Florida Turnpike.
Hawaiian Palms was constructed between 1986 and 1987 and consists entirely of 1,000-square foot two-bedroom/two-bath units.
The property is lushly landscaped and borders a scenic canal. Community amenities include five elevators, a clubhouse, a fitness center, pool and spa, children’s play area, a car service area, picnic areas and a recently re-paved parking lot with two spaces for each unit.
Apartments feature central air-conditioning, individual hot water heaters, dishwasher, garbage disposal and private screened-in balconies.
Located in central Broward County, Lauderdale Lakes is part of the Miami-Fort Lauderdale-Pompano Beach MSA.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
The homes at Loch Lake range in size from 1,500 to 1,800 square feet and will be priced from the mid $100’s. The models will install in the fall of 2011.
