Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Ball Park Apartments, a 44-unit apartment property located in Palm Springs, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,400,000.
Daniel J. Cunningham and Evan Richardson, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor. The buyer, a limited liability company, was secured and represented by Daniel J. Cunningham and Evan Richardson.
“The sale of the Ball Park Apartments is a win for both the buyer and the seller. The seller was looking to exit the multifamily market and take advantage of the increased demand for multifamily assets in South Florida. The buyer was able to complete their section 1031 exchange and continue to build their multifamily portfolio in Palm Beach County,” says Evan Richardson.
Ball Park Apartments is located at 4265 Line Dr in Palm Springs, Florida. (The property is situated on a large six-acre lot which contains 44 units, 43 of which are spacious two-bedroom / two-bathroom units that were constructed in 1962.)