Saturday, July 4, 2015

Marcus & Millichap Arranges Sale of 115-Unit Apartment Portfolio in West Palm Beach, FL for $8.49 Million


Harrison Rein
WEST PALM BEACH, 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 a portfolio of 12 apartment properties located in West Palm Beach and Coconut Creek Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The 115 unit-portfolio sold for $8,490,000.

Harrison Rein, an associate, and Robert S. Hunter, a senior associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Chicago, IL and the buyer, a private investor from Miami Beach, Fla.

“The portfolio presented an opportunity for the buyer, who was in a 1031 exchange looking to expand on their South Florida holdings, to acquire a critical mass of units in close proximity to the Downtown West Palm Beach area,” says Rein.

The portfolio is comprised of nine buildings in West Palm Beach and three buildings in Coconut Creek.  The unit mix consists of six studios, 85 one-bedroom/one-bathroom units, six two-bedroom/one-bathroom units, 16 two-bedroom/two-bathroom units and two three-bedroom/one-bathroom units.

The properties are located at:

·         515 South Sequoia Drive, West Palm Beach, Fla
·         306 N Lakeside Court, West Palm Beach, Fla
·         314 N Lakeside Court, West Palm Beach, Fla
·         311 Pine Terrace, West Palm Beach, Fla
·         315 Pine Terrace, West Palm Beach, Fla
·         1305 Florida Avenue, West Palm Beach, Fla
·         1701 Georgia Avenue, West Palm Beach, Fla
·         1707 Georgia Avenue, West Palm Beach, Fla
·         2716 S. Dixie Highway, West Palm Beach, Fla
·         2724 S. Dixie Highway, West Palm Beach, Fla
·         460 Sunshine Drive, Coconut Creek, Fla
·         470 Sunshine Drive, Coconut Creek, Fla
·         471 Sunshine Drive, Coconut Creek, Fla

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

Ryan Nee
 Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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