Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Waterford Villas, a 116-unit apartment property in Margate, Florida. The asset sold for $20,600,000 or $216.83 price per square foot.
“Waterford Villas provided an excellent value add opportunity with rents far below the current market,” said Felipe J. Echarte, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. “Furthermore, due to the excellent central Broward location and demand for rentals, the market continued to strengthen throughout the marketing and escrow period.
Echarte, Brandon J. Rex, and Evan P. Kristol had the exclusive listing to market the property on behalf of the seller, Victoria One Waterford Villas LP. The buyer, Corinthian Capital, LLC, was also secured and represented by Rex, Kristol and Echarte.
Completed in 1974, the villa-style apartment community underwent interior and exterior upgrades in 2008. The single-story property consists of 29 buildings which include one-, two- and three-bedroom floor plans with an average unit size of 818 SF. It is currently operated as 115-unit property with an onsite leasing office occupying the 116th unit. Amenities for the building include a gated swimming pool with sundeck and landscaped courtyards.
Waterford Villas is located at 6954 SW 5th St in Margate, Florida. The residential area of Margate is within 5 miles of North University Drive, a popular retail and dining destination. It is within 20 miles of the Fort Lauderdale International Airport, Interstate-95 and Turnpike.