Monday, June 23, 2014

Marcus & Millichap Arranges Sale of 64-Unit Apartment Building in Davie, FL for $5.75 Million


Evan P. Kristol

DAVIE, FL, June 23, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of College Square Apartments, a 64-unit apartment complex located in Davie, FL. The asset sold for $5,750,000 equating to $89,844 per unit.

Evan P. Kristol, a senior vice president investments, and Joseph P. Thomas, 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 limited liability company from Boca Raton, FL.  The buyer, a private investor from Hollywood, FL was also secured and represented by Kristol and Thomas.

“College Square Apartments was a rare opportunity to acquire a mid-size, value-add property in an excellent Broward County rental location. 

" This property is ideally located adjacent to the South Florida Educational Center, which is comprised of area schools, colleges and universities.  The buyer expects to increase revenue through renovations and improving operational efficiencies,” says Thomas.

Joseph P. Thomas
“We generated tremendous interest through our marketing campaign and ultimately closed at the full asking price, with multiple backup offers.  

"This was one of a handful of remaining non-institutional assets left in the Davie submarket. The buyer was attracted to the rarity of the deal and the tremendous upside potential,” adds Kristol.

College Square is comprised of six two-story residential buildings with 40 one-bedroom apartments and 24 two-bedroom apartments.  The community also includes a gated swimming pool and sundeck, barbecue grilling areas, a leasing office and laundry facility.

College Square Apartments is located at 6600 SW 39th Street in Davie, 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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