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| Evan P. Kristol |
WEST PALM 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 Parkside Apartments, a
78-unit apartment property located in West Palm Beach, FL, according to Ryan
Nee, Vice President/Regional Manager of the firm’s Fort Lauderdale office. The
asset sold for $6,000,000.
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, who is the original
developer that has owned the property for over 46 years. Kristol and Rex also
represented the buyer, a limited liability company.
Parkside Apartments is a
78-unit apartment community constructed in 1968. The property is located at
1210 Palm Beach Lakes Boulevard in West Palm Beach, FL, just a few blocks from
the newly constructed Palm Beach Fashion Outlets.
“It is a rare opportunity
to find a property that consists of all two-bedroom units with separate water
meters,” says Rex, Vice President Investments.
“The buyer will also benefit from the
potential to increase revenue at the property since the current rents are
approximately 30 percent lower than the current market,” says Kristol, Senior
Vice President Investments.
Furthermore, two brand new
luxury apartment communities, totaling close to 800 units are in the final
stages of construction down the street that further demonstrate the
desirability and strength of the location and rental market.
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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