Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale the Artisan Condominiums, an 18-unit multifamily property in Lake Worth Beach, Florida, for $3,020,000.
“The strong fundamentals in recent developments in Lake Worth Beach have spurred renewed interest in the city,” said River Rhoads, associate. Daniel Cunningham, senior vice president investments, added, “The buyer is a local investor who was in a 1031 exchange and recognized the property’s potential for higher rents through hands-on management.”
Rhoads, 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, LWB Housing Innovations LLC.
Artisan Condominiums spans five buildings comprising 17 one-bedroom units and one two-bedroom unit. Built in 1951, the property sits on a 0.71-acre lot and includes on-site laundry facilities.
Nestled between West Palm Beach and Boynton Beach, Lake Worth is known as the place “where the tropics begin” since it is located on the northernmost point of the subtropics, based on the city’s latitude. Residents flock to Lake Worth for its welcoming atmosphere, historic charm, vibrant downtown, and unique residential neighborhoods.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
