Marcus & Millichap Arranges $3 Million Sale of 42-Unit Villas at 44th Street in Deerfield Beach, FL

                          

Adam Duncan

DEERFIELD 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 Villas at 44th Street, a 42-unit apartment property located in Deerfield Beach, Fla. The asset sold for $3,000,000 equating to $71,429 per unit.

“Many owners who have been holding on to well-maintained assets are considering transactions as growth in prices for C-Class properties begins to level off and the prospect of high returns is still present,” says Adam Duncan, a senior associate in Marcus & Millichap’s Fort Lauderdale office.

“With the acquisition of this asset the buyer was able to add 42 units to their local portfolio and has the opportunity to increase the current cash flow by activating the laundry facilities and increasing rents.”

Duncan, along with Joseph P. Thomas, a vice president investments, and Derek Soven, an associate, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a limited liability company and the buyer, a private investor.

Villas of 44th Street is a 42-unit, garden-style multi-family community consisting of 13 buildings on 2.53-acres. The unit mix consists of 13 one-bedroom/one bathroom units and 29 two-bedroom/one-bathroom units.

The apartment community is located at 550 NE 44th Street in a residential neighborhood between South Dixie Highway and Interstate-95, just north of Sample Road. The property’s convenient location allows for easy access to the US-1 and surrounding area retailers.

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

Ryan Nee

Vice President / Regional Manager

Fort Lauderdale, FL

(954) 245-3400