Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Venetian Isles, an eight-unit multifamily property located in Lighthouse Point, Florida. The 25,748-square-foot asset sold for $9 million.
“Venetian Isles is a unique property with three-bedroom, townhome-style floor plans averaging over 3,200 rentable square feet. Each unit has a private elevator, backyard, and two-car garage,” said Austin Michels, associate. “Due to Lighthouse Point’s minimal ownership turnover, competitive rental market with rates over $5,000 per unit, and below-market seller financing, the property commanded over $1.1 million per unit.”
The buyer, a private investor, was secured by Michels, Evan Kristol, and Brandon Rex, investment specialists in Marcus & Millichap’s Fort Lauderdale office
The property is located at 3861-3875 N.E. 22nd Ave. at the heart of Lighthouse Point providing tenants easy access to nearby Boca Raton, Deerfield Beach, and many local dining and entertainment options. Constructed on a 0.48-acre lot in 2009, the three-story townhomes consist of eight three-bedroom/three-and-one-half-baths.
