$15 Million Buys 222 Broward County, FL Apartment Units

Jasmine Condominiums, Tamarac, FL

TAMARAC, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 222 apartments within Jasmine Condominiums, a 291-unit condominium complex in Tamarac, a city in the Miami/Fort Lauderdale/Pompano Beach MSA.

The apartments sold for $15 million, or approximately $68,500 per unit.

            Tal Frydman, a vice president investments in the firm’s Fort Lauderdale office, and Derek Gibbs and Daniel Cunningham, senior associates in the same office, represented both the seller, an Israel-based private investment company, and the buyer, a real estate investment management group with offices in Miami, New York and Panama.

Tal Frydman

“The seller purchased this property from the bank in 2010 for $8.1 million,” says Frydman. “At the time, vacancy was greater than 50 percent. The seller stabilized the property and renovated the units. The new investor, who plans to be a long-term holder, was able to arrange very attractive financing through our lending relationships.”

 “New completions in the area have been virtually nonexistent for two years running, creating pent-up demand that the new owner is well-positioned to leverage,” Frydman continues. “With the metro’s vacancy rate falling 110 basis points to the lowest year-end level in six years, this is an excellent time to invest.”

Derek Gibbs

“Before this transaction closed, our team had 75 registered clients sign confidentiality agreements, conducted 23 tours and received 15 offers,” Frydman concludes.

Located at 8650 NW 61st St. in Tamarac, the 175,172-square foot, 1987-built property is situated between Pine Island Road and NW 61st Street and between West McNab Road and West Commercial Boulevard.

For a complete copy of the company’s news release, please contact:

Public Relations

(925) 953-1716