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| Brandon J. Rex |
STUART, 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 Hemingway at Stuart, a
32-unit apartment property located in Stuart, FL. The asset sold for
$2,325,000.
Brandon J. Rex, 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 private investor from Fort
Lauderdale, FL.
The buyer, a private investor from Calif., was secured and
represented by Adam G. Duncan, an associate, and Joseph P. Thomas,
a vice president investments, also in Marcus & Millichap’s Fort Lauderdale
office.
“Hemingway at Stuart offered an investor the ability to
acquire a well-located property in close proximity to downtown Stuart,” says
Duncan.
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| Hemingway at Stuart Apartments, Stuart, FL |
“We created a tremendous amount of interest on this
deal. There were numerous offers not
only from local and regional investors but also from out-of-state buyers.
“ We procured a 1031 exchange buyer from Southern California
who aggressively pursued and ultimately won the deal. This transaction is a testament to our ability to reach a
national pool of qualified buyers as well as identify 1031 exchange properties
for our clients,”
Hemmingway at Stuart consists of two two-story buildings
comprised of 10 one-bedroom/one-bathroom units, eight two-bedroom/one-bathroom
units, and 14 two-bedroom/two-bathroom units. The property is in close
proximity to downtown Stuart at 1600 S. Kanner Highway in Stuart, 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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