Tuesday, May 6, 2014

Marcus & Millichap Arranges Sale of Two Boca Raton, FL Apartment Buildings for Total $6.075 Million

  
Whispering Palms Apartments, Boca Raton, FL

BOCA RATON, FL, May 5, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Palms Apartments, a 54-unit apartment property, and Del Rio South Apartments, a 33-unit apartment property, both located in Boca Raton, FL.

Brandon J. Rex
Whispering Palms Apartments sold for $4,329,310 and Del Rio South Apartments sold for $2,645,690.

Brandon J. Rex, a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, represented the Boca Raton, FL-based seller as well as secured the buyer, a limited liability company from Delray Beach, FL.

“Positive trends are taking hold in Palm Beach County and providing momentum to the apartment sector. Single-family home sales and homebuilding in the county are increasing, municipal budgets are in better shape, and infrastructure work delayed during the economic downturn is resuming. This was a rare opportunity for an investor to purchase two east Boca Raton apartment buildings,” says Rex.

Whispering Palms Apartments consists of three two-story buildings that total 54 units and are comprised of 20 efficiencies, 24 one-bedroom/one-bath units, two two-bedroom/one-bath units, and eight three-bedroom/two-bath units. The property is located south of Yamato Road and west of Federal Highway at 4850 NE 5th Avenue in Boca Raton, FL. 

Del Rio South Apartments consists of 33 units in two two-story buildings. There are two efficiencies, 27 one-bedroom/one-bath units and four two-bedroom/one-bath units. 

The property is located south of Palmetto Road and west of Federal Highway at 480 West Camino Real in Boca Raton, FL.


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

Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400



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