Sale of 22-unit apartment building in boca raton, FL brokered by Marcus & Millichap

601 North Ocean Boulevard Apartments, Boca Raton, FL

BOCA RATON, 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 601 N. Ocean Blvd., a 22-unit apartment building located in Boca Raton, Fla.  

The property sold in an estate sale for an undisclosed price.

Tal I. Frydman, a first vice president investments, and Daniel J. Cunningham and Derek R. Gibbs, senior associates, in Marcus & Millichap’s Fort Lauderdale office represented the seller, a Maryland-based estate attorney, and the buyer, a limited liability company from Boca Raton, Fla. 

Tal I. Frydman

“This was a unique opportunity to purchase a boutique, rental apartment property in an irreplaceable location with high barriers to entry and significantly below-market rents,” says Frydman.

 “We generated immediate interest in the asset.  In just two weeks, we gave more than 35 property tours and received over 20 offers.  Ultimately the property sold to a buyer who came in well over list price, with no due diligence period and a two-week, all-cash close.”

The 22-unit midrise apartment building was built in 1971 and features all two-bedroom/two-bathroom units. On the east, the property overlooks the ocean and South Beach Park, and on the north, the property is contiguous to the Red Reef Golf Course.

The property is located at 601 East Ocean Boulevard in Boca Raton, Fla.

  

 For a complete copy of the company’s news release, please contact:

                                                        

Ryan Nee

Regional Manager,

Fort Lauderdale, FL

(954) 245-3400