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| East Delray Apartments, 613 NE Fourth Street, Delray Beach, FL |
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| Brandon J. Rex |
DELRAY 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 East Delray Apartments,
an 8-unit apartment property located in Delray Beach, Fla. The asset sold for
$1,245,000 equating to $155,625 per unit.
“This was a unique
opportunity to acquire a meticulously maintained boutique apartment building in
Delray Beach,” says Brandon J. Rex,
a vice president investments in Marcus & Millichap’s Fort Lauderdale
office. “The new owner should benefit from the surrounding employment base and
development in the area as well as Atlantic Avenue’s restaurants, shopping and
entertainment.”
Rex along with Evan P. Kristol, a senior vice
president investments also in Marcus & Millichap’s Fort Lauderdale office,
represented the seller, a private investment group based in Delray Beach, Fla.
and the buyer, a local investor from Boca Raton, Fla.
East Delray Apartments was
constructed in 1973 and was extensively renovated in 2008 and 2009 by the
previous owner. The unit mix is comprised of eight one-bedroom/one-bathroom
apartments.
The property is located
four blocks north of Atlantic Avenue at 613 NE 4th 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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