Wednesday, June 26, 2013

Broward County, FL Multifamily Brings $10.5 Million


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.

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.

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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