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| Evan P. Kristol |
BOYNTON BEACH, 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 Ocean Park Apartments,
a 64-unit apartment property located in Boynton Beach, Fla.
The asset sold for
$5,300,000 equating to $82,813 per unit.
Evan P. Kristol, a senior vice president investments,
and 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 Pompano Beach,
Fla.
The buyer, a private investor from
Plantation, Fla was also secured by Kristol and Rex.
“The Ocean Park deal represented the rare opportunity for an
investor to acquire a quality renovated apartment community in a submarket of
Palm Beach County. The buyer has the opportunity to take advantage of the
recent renovations and upgrades by continuing to increase the revenue stream
through stabilizing rents to market levels,” says Rex.
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| Brandon J. Rex |
Contiguous to the Bethesda Memorial Hospital Campus and
situated on a main thoroughfare with excellent exposure, Ocean Park Apartments
is located at 2861 South Seacrest Boulevard in Boynton Beach, Fla.
The community consists of eight two-story residential
buildings with a unit mix of 56 one-bedroom one-bathroom units and eight
two-bedroom two-bathroom units.
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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