 |
| Derek R. Gibbs |
MARGATE, 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 Margate Manor, a 31-unit
apartment property located in Margate, Fla., according to Ryan Nee, regional
manager of the firm’s Fort Lauderdale office. The asset sold for $2,775,000.
“Small private investors
are targeting assets in good physical condition and with strong tenant profiles
outside of the city of Fort Lauderdale - where they can achieve greater
returns,” says Derek R. Gibbs, an
associate vice president investments.
“Margate Manor Apartments
is fully-occupied and features unit upgrades and recent building improvements,”
adds Daniel J. Cunningham, an
associate vice president investments. “We received multiple offers and
ultimately closed at list price.”
Gibbs and Cunningham along
with Evan P. Kristol, a senior vice
president investments, Brandon J. Rex,
a vice president investments, and Robert
S. Hunter, a senior associate, all in Marcus & Millichap’s Fort
Lauderdale office, represented the seller, a limited liability company from
Fort Lauderdale, Fla., and the buyer, a limited liability company from Miami
Beach.
The two-story residential
property contains 31 units comprised of 22 two-bedroom/two-bathroom units,
eight one-bedroom/one-bathroom units and one studio. Each apartment features
brand new wood kitchen cabinets, granite counter tops, ceramic flooring and new
central air-conditioning units. The building also has a new roof and updated
landscaping.
Located at 6095 NW 8th
Street on 0.814 acres along State Road 7, Margate Manor Apartments is in a
high-density neighborhood predominantly consisting of retail supercenters,
restaurants and bars.
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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