Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 33-unit apartment property located in Fort Lauderdale, Florida. The 25,853-square-foot asset sold for $6.2 million or $187,879 per unit. Marcus & Millichap Capital Corporation (MMCC) arranged the $2.7 million acquisition financing.
“In a market challenged by rising interest and insurance rates, we were able to work in conjunction with Marcus and Millichap Capital Corporation to connect the buyer with a lender, who provided a structure allowing for an increased NOI, maximizing the end sales price,” said Daniel Cunningham, first vice president investments.
Cunningham, Evan Richardson, River Rhoads, and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured the buyer, a local private investor.
Capital markets originators David Purisch and Steve Goldwyn of MMCC’s Fort Lauderdale office secured the financing.
“The borrower was a non-US citizen who needed a low leverage loan,” noted Purisch. “We were able to secure debt at 6.5 percent with a 30-year amortization and a structure that did not require a depository relationship.”
The subject property is located at 4100 S.W. 24th Court, just northeast of Interstate 595 and Florida’s Turnpike. Constructed in 1968 on 2.22 acres, the apartment building consists of 29 one-bedroom/one-bath, three two-bedroom/one-bath, and one three-bedroom/two-bath units. The property benefits from recent renovations including updated granite countertops, stainless steel appliances, and luxury vinyl tile flooring.