 |
| 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
No comments:
Post a Comment