Marcus & Millichap Brokers $2.65 Million Sale of Wilton Villas in Wilton Manors, FL

Joseph P. Thomas

WILTON MANORS, 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 Wilton Villas, an 18-unit apartment property located in  Wilton Manors, Fla.

 The asset sold for $2,650,000 representing $147,222 per unit.

Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sunny Isles Beach, Fla.

  The buyer was a private investor from Weston, Fla.

“The uniqueness of the asset, the location and our marketing efforts led to a highly competitive bidding environment, which ultimately pushed the sales price $50,000 above the asking price,” says Thomas.

Adam Duncan

“The seller acquired the property in 2004 and subsequently renovated and converted it to condominiums. The condominium was later dissolved and the property was reverted back to a multifamily building,” adds Duncan.

Wilton Villas was constructed in 1975 of concrete block and painted stucco and encompasses a .52 acre lot. The unit mix consists of six two-bedroom/one-bathroom apartments and 12 two-bedroom/one-and-a-half-bathroom townhomes.

 Located at 2705 NE 9th Avenue near the epicenter of Wilton Manors, the property offers convenient access to downtown Fort Lauderdale, along with numerous schools, parks, places of worship, shops and restaurants.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400