Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of City View Apartments, a 65-unit complex in Fort Lauderdale, Florida. The two-story property, located at 1421 NW 1st Street, sold for $11,650,000 million or $228.85 per square foot.
“The key component to getting this transaction closed was finding the right qualified buyer to assume the current in-place loan to sell at a purchase price that met what the seller was seeking,” said Daniel Cunningham, first vice president investments.
“City View provided the buyer with an excellent opportunity to purchase a critical mass of units located within 2 miles of Fort Lauderdale’s thriving downtown core,” added Evan Richardson, first vice president investments.
Cunningham and Richardson, both in Marcus and Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. The team also procured the buyer.
Built in 1968, the 50,906-square-foot apartment complex consists of (35) two-bedroom/one-bathroom units and (30) three-bedroom/one-bathroom units on 3.34 acres. All of the units have renovated kitchens, updated bathrooms, vinyl flooring, and an onsite laundry facility. Other community amenities include a dog park/green space, game room, and onsite parking.
City View Apartments is located directly off Interstate 95 (I-95) on Broward Boulevard, a major east-west access route to downtown Fort Lauderdale. The property is 10 minutes from Riverwalk Fort Lauderdale, within 1 mile of the Broward Center for the Performing Arts, and 5 minutes from the new Riverbend Plaza, which includes Walmart, Marshalls, WaWa, Chipotle, and many others.
