Wednesday, November 6, 2013

$9.2 Million Sale of Harbour Pointe Villas and Docks in Fort Lauderdale, FL Brokered by Marcus & Millichap


Harbour Pointe Villas and Docks2201 SE 18th Street, Fort Lauderdale, FL. 

Evan P. Kristol
FORT LAUDERDALE, FL, Nov.  6, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Harbour Pointe Villas and Docks, a 34-unit luxury apartment building with six boat slips located in Fort Lauderdale, FL.

The asset sold for $9,201,000 representing $270,618 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice Presidents, and Joseph P. Thomas, a Vice President Investments, in Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller, a limited liability company from Encino, Calif. 

The buyers, private investors from Belgium, were secured and represented by Kristol, Hunter, Thomas and Adam Duncan, an investment specialist in Marcus & Millichap’s Ft. Lauderdale office. 

Still Hunter III
“Harbour Pointe Villas and Docks offered the rare opportunity for an investor to acquire a truly ‘best in class’ boutique apartment community in a AAA location with upside,” says Thomas. 

“We received bids at and above the asking price, which speaks to the quality of the asset. The buyers plan to stabilize the property by eliminating concessions, increasing rents and building in ancillary income.  

"The property also lends itself to the possibility of selling individual units as condominiums as the residential housing market continues to strengthen,” he continues.

Harbour Pointe Villas and Docks is a 34-unit, ultra-luxury waterfront rental community located just south of the 17th Street Causeway in the gated Harbour Inlet neighborhood. The community is comprised of seven one-bedroom/one-bathroom apartments and 27 two-bedroom/two-bathroom apartments.

“The previous owner significantly renovated the community with the intention of converting to condominiums,” adds Hunter.

Joseph P. Thomas
“With the exception of the original three-story concrete structure, almost every other part of the complex was upgraded or replaced.  Although the property is technically not newly constructed, the extensive renovations resulted in a community that has the look and feel of the very highest-end new construction.”

Harbour Pointe Villas and Docks is located at 2201 SE 18th Street in Fort Lauderdale, FL. 

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

Gregory Matus
Regional Manager / Vice President
Fort Lauderdale, FL
(954) 245-3400

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