 |
| Joseph P. Thomas |
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 two apartment buildings located in Fort Lauderdale and Wilton
Manors, Fla..
Riverlane
Condominiums, a 24-unit condominium property located in Wilton Manors, sold for
$2,350,000 and Middle River Gardens, a 16-unit apartment complex located in
Fort Lauderdale, sold for $1,750,000.
Both the
buyer and seller were represented by Joseph
P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort
Lauderdale office.
“Stabilized multifamily assets in
strong core locations continue to attract prospective buyers to Fort
Lauderdale, especially when there is a clear path to continue to add value and
increase rents.
"The properties are located in strong rental markets and both
had recent renovations and upgrades,” says Adam Duncan a senior associate in
Marcus & Millichap’s Fort Lauderdale office.
Riverlane
Condominiums was originally constructed in 1967 and was renovated and converted
to condominiums in 2006. The property
has a unit mix of 12 one-bedroom/one-bathroom units and 12
two-bedroom/one-bathroom units. It is located at 3007-3011 North Andrews
Avenue.
Middle River
Gardens was constructed in 1957 and received upgrades to its kitchens and
bathrooms and a new roof in 2011. The property has a unit mix of seven studios,
eight one-bedroom units and one two-bedroom unit. It is located at 2809 and 2901 Middle River
Drive.
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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