Tuesday, May 12, 2015

Marcus & Millichap Arranges Sale of 48-Unit Apartment Building in Lauderdale Lakes, FL for $3.4 Million


Tal I. Frydman
LAUDERDALE LAKES, FL, May 12, 2015 – 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 Palm Grove Apartments, a 48-unit apartment property located in Lauderdale Lakes, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $3,400,000.

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

“A rising tide of rental housing demand is lifting all properties in the Broward County, including the older and smaller buildings that dominate this segment of the market,” says Gibbs. 
“We are seeing a rise in trades in the $1 million to $5 million tranche to small, predominantly local investors” adds Cunningham.

Derek R. Gibbs
Palm Grove is a 48-unit apartment community built in 1973 of concrete block and painted stucco exterior.

 The property consists of three two-story buildings with 35 two-bedroom/one-bathroom units and 13 one-bedroom/one-bathroom units.

 The community is situated on 1.54 acres with ample parking on both the north and south side of the property.

The residents of Palm Grove enjoy immediate access to the Florida Turnpike, US 441 and Interstate 95. The immediate area surrounding the property is comprised of single-family homes, townhouses and other rental communities.

Palm Grove Apartments is located at 3380-3390 NW 30th Street in Lauderdale Lakes, Fla.

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

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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