Monday, October 6, 2014

$8.2 Million Sale of Lucaya Delray Condominiums Arranged by Marcus & Millichap in Delray Beach, FL


Tal I. Frydman

 DELRAY BEACH , FL, Oct. 6, 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 135 condominiums in Lucaya Delray Condominiums, a 324-unit apartment property located in Delray Beach , Fla. The condominium portfolio sold for $8,250,000.

Tal I. Frydman, a first vice president investments, Daniel J. Cunningham and Derek R. Gibbs, senior associates in Marcus & Millichap’s Fort Lauderdale Office, along with Joe LaFleur, a senior associate, and Johnny Pullman, an associate, in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor from Dania Beach, Fla. 

The buyer, a publicly traded company from Israel, was secured and represented by Frydman, Cunningham, Gibbs, LaFleur and Pullman.

Daniel J. Cunningham
“Lucaya Delray Condominiums represented the rare opportunity for an investor to acquire 135 condominium units in a 324-unit community. 

"The high occupancy property has excellent visibility on Linton Boulevard and is within close proximity to I-95.  The buyer will enjoy immediate cash flow as well as significant upside through renovating additional units and increasing the rent,” says Frydman.

Lucaya Delray Condominiums was developed between 1972 and 1978 and consists of 81 four-unit buildings situated on 22 acres.  The portfolio consisted of 105 two-bedroom/one-bathroom units, 18 two-bedroom/one-and-half-bathroom units and 12 two-bedroom/two-bathroom units.

The property is located just one block west of Interstate 95 at the northwest corner of the intersection of Congress Avenue and Linton Boulevard at 1630 Catherine Drive in Delray Beach, Fla.
  
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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