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| Joseph P. Thomas |
CORAL SPRINGS, 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 The Gardens of Coral Springs, a 30-unit apartment property located
in Coral Springs, Fla. The asset sold for $3,750,000.
“Investors remain energetic in
their search for yield and value-add opportunities, extending their focus to
suburban Broward County.
"Strong annual
rent increases continue to attract prospective buyers to the suburbs,
especially for properties that sell for less than $10 million,” says Joseph P. Thomas, a vice president
investments in Marcus & Millichap’s Fort Lauderdale office.
“The Gardens of Coral Springs sold for a 6 percent
capitalization rate and the buyer has a significant value-add opportunity in
moving rents to market levels and implementing utility reimbursement. The property is currently sub-metered for
water, but water was not being reimbursed as of the closing date.”
Thomas as well as Adam Duncan, a senior associate, and Derek Soven, an associate in Marcus
& Millichap’s Fort Lauderdale office, represented the seller, a private
investor from Lighthouse Point, Fla., and the buyer, a limited liability
company from Coral Springs, Fla.
The Gardens at Coral
Springs consists of 30 two-bedroom/two-bathroom units within a two-story
building. The property is located at 8203 W. Sample Road close to the Sawgrass
Expressway and Florida's Turnpike.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager, Fort Lauderdale
(954) 245-3400
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