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| Croissant Park Apartments, 335 SW 20th Street, Fort Lauderdale, FL |
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| Derek R. Gibbs |
FORT LAUDERDALE, 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 Croissant Park Apartments,
a 14-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
$1,250,000 equating to $89,286 per unit.
“Croissant Park Apartments
offered an investor the opportunity to purchase a stabilized, well-located
asset in the heart of Fort Lauderdale, with the potential of adding value by
increasing rents to current market rates,” says Evan Richardson, associate.
Richardson, along with Derek R. Gibbs and Daniel J. Cunningham,
associate vice president investments, all 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 Parkland, Fla. The buyer was a limited liability company
from Sacramento, CA.
Built in 1975 Croissant
Park Apartments consists of two, two-story buildings that sit on two adjacent
parcels totaling 0.49 acres. The first
building, located at 335 Southwest 20th Street, consists of six,
one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units and two
studio units. The second building, located at 1920 Southwest 4th Avenue,
consists of four, one-bedroom/one-bathroom units.
Croissant Park Apartments
is located at the northeast corner of Southwest 4th Avenue and Southwest 20th
Street, a few blocks west of Federal Highway, a half-mile south of Davie
Boulevard and a half-mile north of State Road 84, at 335 SW 20th Street.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager
Fort Lauderdale, FL
(954) 245-3400
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