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| Brandon J. Rex |
DAVIE, FL, Dec. 29, 2016 –
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 Canard Apartments,
a 58-unit apartment property located in Davie, FL, according to Ryan Nee,
regional manager of the firm’s Fort Lauderdale office. The asset sold for
$5,000,000.
Canard Apartments consists
of 3681/3711/3721/3731/3741/3801 SW 60th Terrace and 3740/3760 SW 61st Avenue
in Davie, FL. The community consists of
eight buildings on a total of 1.73 acres of land. Canard Apartments has an excellent unit mix
of four one-bedroom apartments, eight two-bedroom and one-bathroom apartments,
30 two-bedroom and one and one-half bathroom apartments and 16 two-bedroom and
two-bathroom apartments.
Evan P. Kristol,
Senior Vice President Investments, and Brandon
J. Rex, Vice President Investments, both in Marcus & Millichap’s Fort
Lauderdale office, had the exclusive listing to market the property on behalf
of the seller, a private investor.
“An out of area
partnership owned the asset for a very long time. They were hesitant in exclusively listing due
to the amount of unsolicited interest they were receiving. We brought a buyer to the table that we had
closed within the past and who was a large owner of similar properties
throughout Broward County.
“ The asset had deferred
maintenance but the rents were far below market and with a unit mix that is
predominantly two-bedroom units, the buyer will be able to significantly
increase rents after renovating the property,” says Kristol.
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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