Marcus & Millichap Arranges $8.4 Million sale of 120-Unit Kings Row Apartments in Lauderhill, FL

Kings Row Apartments, 1620 NW 46th Avenue
Lauderhill, FL

LAUDERHILL, FL,  Sept. 8, 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 Kings Row, a 120-unit apartment property located in Lauderhill, Fla.. The asset sold for $8,400,000.

Daniel J. Cunningham and Derek R. Gibbs, associate vice president investments, and Evan Richardson, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Doral, Fla.

Daniel J. Cunningham

“Investors remain especially interested in properties that offer operational upsides in older primary areas,” says Cunningham. “Kings Row presented the opportunity to acquire a stabilized apartment community in a central location with upside through raising rents to market value.”

Built in 1970 on a 4.04 acre lot, Kings Row consists of two, two-story buildings with a unit mix of 40 studios, 32 one-bedroom/one-bathroom, and 48 two-bedroom/one-bathroom units.

Kings Row is located at 1620 NW 46th Avenue near local shopping destinations like the Lauderhill Mall, the 16th Street Shopping Center, South Lakes Shopping Plaza and the Lakes Mall.

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

Ryan Nee

Regional Manager

Fort Lauderdale, FL

(954) 245-3400