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| 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.
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| 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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