Done Deals: Marcus & Millichap Arranges Sale of 20-Unit Apartment Building in Hollywood, FL

Thursday, August 29, 2013

Marcus & Millichap Arranges Sale of 20-Unit Apartment Building in Hollywood, FL

Arthur Street Apartments, 6051 Arthur Street, Hollywood, FL

HOLLYWOOD, FL, Aug. 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Arthur Street Apartments, a 20-unit apartment property located in Hollywood, FL. The asset sold for $1,330,000.

Derek R. Gibbs

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 Hallandale, FL.

The buyer, a private investor from Hollywood, was secured and represented by Gibbs, Cunningham and Frydman as well as Hernando Perez, an Associate, also in Marcus & Millichap’s Ft. Lauderdale office.

“The buyer purchased the property to replace the income from a building he had recently sold. The buyer’s investment model is based on a long term hold, a hedge against the risk of inflation, cash flow and management. The property traded quickly with a bank loan at market rate and terms,” says Gibbs.

Daniel J.
Cunningham

“We are seeing demand, as well as prices, for apartment buildings in Hollywood increase – especially for stabilized properties with strong cash flow. Properties in the five to 50 unit ranges typically sell to investors from Broward and Miami-Dade County, who have the local infrastructure to support the management intensity of operating a multifamily property.

“These owners are typically looking to hold and operate the properties as long-term investments which will help the improving market as these investors will take better care of the properties and cover the expenses that come with the fruits of the cash flow,” he adds.

Tal I. Frydman

The Arthur Street Apartments is a 20-unit apartment complex that consists of one two-story building on an 0.81 acre lot.

The building is comprised of one one-bedroom/one-bathroom unit and 19 two-bedroom/two-bathroom units. All of the units have central air-conditioning and fenced-in patios with outside storage. There are 40 parking spaces and onsite laundry facilities.

The property sits just north of Hollywood Boulevard and just east of the Florida Turnpike, within minutes of Interstate 95 and US 441. Arthur Street Apartments is located at 6051 Arthur Street in Hollywood, FL.