Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Vero Beach Apartments in Vero Beach, Florida, for $2,350,000.
“The Vero Beach Apartments sold to a 1031 exchange buyer from Broward County,” said River Rhoads, associate. “This sale exemplifies a notable shift of capital moving from South Florida’s Tri-County area further north, as investors seek to maximize returns by investing in emerging markets along the Treasure Coast.”
Rhoads, Daniel Cunningham, Evan Richardson, 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 and procured the buyer, a local LLC.
Situated on Florida’s Treasure Coast, Vero Beach is a growing community revered for its laidback atmosphere and small-town charm. Vero Beach’s small-town feel is most evident in its downtown district, which offers an array of restaurants, shops, and galleries in historic storefronts. Vero Beach offers plenty of cultural amenities for the community to enjoy, such as the Vero Beach Museum of Art, Riverside Theatre, and the Indian River Citrus Museum. Opportunities for outdoor recreation abound, with access to Jaycee Park, South Beach Park, and Riomar Country Club. Shopping in Vero Beach ranges from local boutiques in downtown to national retailers at nearby Indian River Mall and Vero Beach Outlets. Getting around from Vero Beach is a breeze with convenience to U.S. 1, A1A, and I-95.
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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
