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| Harbour Pointe Villas and Docks, 2201 SE 18th Street, Fort Lauderdale, FL. |
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| 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.
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| 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.
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| 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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