Sunday, June 29, 2014

Marcus & Millichap Arranges Sale of 32-Unit Apartment Building in Stuart, FL for $2.3 Million


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.

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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