Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Cleveland Paradise Apartments, a 34,871-square-foot apartment complex in Hollywood, Florida. The property sold for $9.35 million.
“This was a unique opportunity to acquire one of only a few 50+ unit apartment buildings east of Federal Highway in the city of Hollywood, Florida,” said Evan Kristol, executive managing director investments.
Kristol, Felipe Echarte, and Brandon Rex, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller and buyer, both private investors.
Cleveland Paradise Apartments is located at 1720 Cleveland Street and is 12 minutes from Fort Lauderdale-Hollywood International Airport. Built in 1972, the property consists of one studio, 32 one-bedroom/one-bath, one two-bedroom/one-bath, and 16 two-bedroom/two-bath units. Apartment amenities include a laundry facility, a pool, and air conditioning.