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| 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.
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| 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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