Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Cresthaven Apartments, a 62-unit multifamily portfolio spanning 19 buildings in Pompano Beach, Florida, for $14 million.
“The seller, with whom I’ve had a 15 year plus relationship, acquired these properties one by one over a 36-year period and maintained each in excellent condition,” said Daniel Cunningham, senior vice president investments. “The long-term ownership provides the buyer immediate rental upside, as 58 of the units, three-bedroom one-bathroom layouts, are currently rented at $2,200 per month.”
Cunningham, Evan Richardson, Dillon Majeski, River Rhoads, and Cory Sanchez, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller.
The garden-style apartments offer a mix of four two-bedroom and 58 three-bedroom floor plans. The Cresthaven Apartments portfolio is near Pompano Beach and the surrounding beachfront, less than four miles away, and Broward College North Campus, within a five-mile radius.
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.
