Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Mills Pond Apartments in Fort Lauderdale, Florida for $1.5 million.
“Mills Pond Apartments is a great example of how seller-financing can be a valuable asset for a long-term owner who is looking to capitalize on their equity, while still allowing a buyer to achieve a strong return on a value-add deal,” says Austin Michels, associate.
Michels, Evan Kristol, Felipe Echarte and Brandon Rex, 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, both private investors.
The property, which was managed by the seller for over 48 years, consists of two one-story contiguous fourplexes, featuring a mix of one- and two-bedroom units. Near the 130-acre Mills Pond Park, which features baseball and soccer fields, jogging trails, and a waterski course. Mills Pond was originally constructed in 1973.
Lauderdale Manors, a suburban neighborhood located about three miles northeast of downtown Fort Lauderdale, gives its residents a small taste of seclusion with close proximity to the rest of the city. A mix of single-story houses and apartment complexes sit throughout the area, nestled between crisp green lawns and palm trees that complement the neighborhood’s warm climate
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.
