Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Teal Pointe Apartments in Homestead, Florida. The property sold for $4,975,000.
“Teal Pointe was a very unique opportunity to acquire a long-term affordable property with rents far below the maximum allowable limits,” said Evan Kristol, executive managing director of investments. “The buyer, a local affordable owner, operator, and developer, will continue to operate the property within the LIHTC program, while doing renovations and property upgrades.”
Kristol, investment specialist in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, JRR Apartments, LLC and procured the buyer, a private investor.
Built in 1973, this two-story 45-unit affordable housing community unit mix is comprised of one, two, and three-bedroom floorplans. The property is near Aldi, Home Depot, and Walmart. The community has affordable restrictions that run through 2044.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
