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| Sherwood Square Apartments, Coral Springs, FL |
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| Joseph P. Thomas |
CORAL SPRINGS, 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 Sherwood Square, a
40-unit apartment property located in Coral Springs, Fla. The asset sold for
$4,625,000 equating to more than $115,625 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 private investor from Miami, and the buyer, a private
investor from Coral Springs, Fla.
“The Seller owned the
property for 19 years, rents were well below current market levels,” says
Duncan. “Given the low initial return on
investment, we were challenged with showing buyers the value add potential of
the property, along with ways they could build in additional income streams.”
“The Buyer has the
opportunity to immediately add value by increasing existing rents to market
levels, by renting the available storage lockers on each floor and through the
implementation of a utility reimbursement program,” adds Thomas.
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| Adam Duncan |
Sherwood Square is a
five-story, 40-unit building located at 1225 Riverside Drive, Coral Springs,
Fla. The property is a mix of 10 one-bedroom/one-and-a-half-bathroom units and
30 two-bedroom/two-bathroom units. Common area amenities within the association
include an elevator, tennis court, laundry room, swimming pool with sundeck and
ample parking.
The property is situated
just south of Royal Palm Boulevard and north of West Atlantic Boulevard in a
residential neighborhood diversely comprised of similar style condominiums,
multifamily apartment communities, and single-family homes. Its location allows
for easy access to the Sawgrass Expressway and Florida’s Turnpike and is nearby
many education centers and the Coral Square Mall.
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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