Marcus & Millichap Sells 97-Unit Apartment building in Pompano Beach, FL for $2.8 Million

  

    Parkside Apartments, Pompano Beach, FL

 POMPANO BEACH, FL, June 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Parkside Apartments, a 97-unit apartment property located in Pompano Beach, FL.

Derek R. Gibbs

The asset commanded a sales price of $2,887,500. The property is located at 930 NW 9th Avenue in Pompano Beach.

Senior Associates Derek R. Gibbs and Daniel J. Cunningham and Vice President Investments Tal I. Frydman 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 Miami.  The buyer, a limited liability company from Pompano Beach, was also secured by Gibbs, Cunningham and Frydman.

"The strengthening debt market has increased demand for larger apartment buildings as investors are able to take advantage of historically low interest rates and see a better cash-on-cash return and hedge against inflation.

Daniel J.
Cunningham

“Compared to most multifamily buildings in the area which have under 50 units, Parkside Apartments provided the buyer an opportunity to obtain a critical mass of units in one investment," says Gibbs. 

"The buyer, who owned other properties in the area, was expanding his portfolio and the seller wanted to move their equity into larger apartment buildings in Tampa and Orlando," he adds.

The Parkside Apartments was constructed between 1958 and 1959 and consists of seven two-story buildings containing 97 units on a 2.38-acre site. The unit mix consists of 18 studio units, 51 one-bedroom/one-bathroom units and 28 two-bedroom/one-bathroom units.

Tal I. Frydman

The Parkside Apartments is located in a neighborhood that primarily consists of small apartment buildings and single-family residences and is directly to the north of Blanche Ely High School, Hopewell Pre-school Academy and Sanders Park Elementary School.  It is also across the street from the 16.1 acre Mitchell-Moore Park.

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

 Gregory Matus

Regional Manager

Vice President

 Fort Lauderdale, FL

(954) 245-3400