Monday, June 2, 2014

Marcus & Millichap Arranges $4 Million Sale of Two Waterfront Fort Lauderdale, FL Apartment Buildings


Joseph P. Thomas

  FORT LAUDERDALE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Villa Venezia and Riva Apartments, two adjacent apartment buildings totaling 16 units, located in Fort Lauderdale, FL.

The assets sold for $4,000,000 representing $250,000 per unit and $320 per square foot.

Villa Venezia and Riva Apartments are located at 132 and 136 Isle of Venice in Fort Lauderdale, FL.

Joseph P. Thomas, a vice president investments, and Adam Duncan, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Weirsdale, FL. 

“Villa Venezia and Riva Apartments have been beautifully maintained primarily as seasonal rental properties, with only a few long term tenants on annual leases. The properties offer the buyer the flexibility to takeover and continue to manage as seasonal rentals or to convert to monthly rental apartments with conventional leases,” says Thomas.

Adam Duncan
“Isle of Venice Drive and Hendricks Isle to the west are currently undergoing a transformation with a handful of new condominium and townhouse projects currently in permitting or development.

 Many older rental and vacation properties have been demolished as a result, creating an even greater demand for all rental units in the area and rising rental rates,” adds Duncan.

The Villa Venezia and Riva Apartments are adjacent waterfront properties located on Isle of Venice Drive in Fort Lauderdale. The properties are located just north of Las Olas Boulevard, a short drive from Fort Lauderdale Beach and downtown. 

They total 16 units and consist of luxuriously furnished one and two bedroom apartments. They also include 12 rental boat slips.

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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