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| Oakland Hills Apartments, 5501 SW 11th St., Margate, FL |
MARGATE, FL– Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
arranged the sale of Oakland Hills Apartments, a 189-unit villa-style
apartment community in Margate, Fla. The $10,500,000 sales price equates to
$55,556 per unit.
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| Still Hunter III |
Still Hunter III and Evan P. Kristol, both
senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale
office, represented the seller, an agency lender working through an
industry-leading loan servicing company.
The buyer is a local private investor.
“The seller obtained the property through foreclosure,” says
Hunter. “The $88 per rentable square foot sales price is approximately 30
percent less than the previous mortgage amount.”
“The sales price, combined with 100 percent occupancy,
provides the new investor with a future upside that is usually difficult to
attain,” adds Kristol.
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| Evan P. Kristol |
Located at 5501 SW 11th St. in Margate, Fla., the
119,232-square foot, 1989-built property is situated just east of Interstate
441/State Route 7 at the edge of a residential neighborhood between McNab Road
and Atlantic Boulevard, and just west of Florida’s Turnpike.
Oakland Hills Apartments consists of 28 one-story buildings
arranged on 18.7 acres around a large, private lake. The unit mix is composed
of 155 one-bedroom/one-bath units, 23 two-bedroom/one-bath apartment, nine
two-bedroom/two-bath units and two three-bedroom apartments.
Amenities include a gated lakefront swimming pool with
sundeck, two laundry centers, open parking, private patios, ample storage,
efficient floor plans with utility rooms and washer/dryer connections,
additional boat and recreational vehicle storage, landscaped courtyards and
plentiful green space.
For a complete
copy of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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