Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Lincoln Gardens Apartments, a 53-unit apartment property currently being operated as 77 units, located in Hollywood, Florida, according to Ryan Nee, first vice president and regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,850,000.
Daniel J. Cunningham and Evan Richardson, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Park Cole Group, LP. The buyer, a private investor, was also secured and represented by Cunningham and Richardson.
“Lincoln Gardens presented the buyer with an excellent opportunity to purchase a critical mass of units within the densely populated area of the Hollywood, Florida rental market. Through our exclusive marketing process, we were able to generate several written offers and close just shy of the listed price,” said Cunningham, first vice president investments.
The total property is comprised of 26 separate buildings spanning over 2.18 acres of land, consisting of 10 two-bedroom units, 24 one-bedroom units, 24 studios, 17 efficiencies, on-site management, and a maintenance office.
The apartment properties are:
- 2639 Lincoln Street
- 2635 Lincoln Street
- 2643 Lincoln Street
- 2626 Johnson Street
- 2707 Lincoln Street
- 2638 Johnson Street
- 2634 Johnson Street
- 2711 Lincoln Street
Lincoln Gardens Apartments is located at 2643 Lincoln St in Hollywood, Florida. Constructed between 1952 and 1987, it is strategically located on Lincoln and Johnson Street, between N 26th and N 28th Ave in Hollywood, Florida.