Thursday, July 23, 2015

Marcus & Millichap Arranges $1.3 Million Sale of 13-Unit Apartment building in Fort Lauderdale, FL


Joseph P. Thomas
FORT LAUDERDALE, FL,  July 23, 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 1492 Holly Heights Drive, a 13-unit apartment property located in Fort Lauderdale, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

 The asset sold for $1,325,000, equating to $101,923 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 represented the seller, a limited liability company from New York, and the buyer, a private investor from Boca Raton, Fla.


Adam Duncan



The property was previously renovated to condominium standards and has a beautiful gated courtyard with a swimming pool and patio,” says Duncan. 

“We were able to achieve a selling price of more than $100,000 per unit because of the property’s condition and large floorplans, which offer further rental upside,” says Soven.

 1492 Holly Heights Drive is a 13-unit apartment community built in 1981.  The property consists of 10 one-bedroom/one-bathroom units, one one-bedroom/one-bathroom loft, one two-bedroom/two-bathroom unit and one three-bedroom/two-bathroom unit.


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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