Wednesday, September 10, 2014

Marcus & Millichap Arranges $5.3 Million Sale of Ocean Park Apartments in Boynton Beach, FL


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.

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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