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| Daniel J. Cunningham |
LAKE WORTH, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, today
announced the sale of Lake Worth Portfolio, a 33-unit, three property apartment
portfolio in Lake Worth, Fla. The portfolio sold for $2,385,000.
“Many buyers look to more
affordable properties in Lake Worth because the submarket offers assets that
can be repositioned to raise revenues.
"Average cap rates here vary within the
high-6 to mid-7 percent range. This was a great opportunity to acquire three
well-maintained apartment buildings with historically high occupancy,” says Daniel J. Cunningham, a vice
president investments in Marcus & Millichap’s Fort Lauderdale office.
“We
received interest from across the country and ultimately sold the property to a
New York investor who was in a 1031 exchange.”
Cunningham as well as Evan
Richardson, an associate, also in Marcus & Millichap’s Fort Lauderdale
office, represented the seller and the buyer.
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| Evan Richardson |
The properties are all
located on 19th Avenue North between the main traffic arteries of Interstate 95
and North Dixie Highway with easy access to Florida’s beaches.
1242 19th Avenue North is
a 16-unit apartment building with 14 one-bedroom/one-bathroom units and two
two-bedroom/one-bathroom units.
1219 19th Avenue North is
an 11-unit apartment building with eight one-bedroom/one-bathroom units and
three two-bedroom/two-bathroom units. 1234 19th Avenue North is a six-unit
apartment building with all one-bedroom/one-bathroom units.
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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