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| 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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