Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Courtyard Townhomes at Palm Trail, a 12-unit residential community in Delray Beach, Florida.
“The Courtyard Townhomes presented a rare opportunity to acquire a prime asset surrounded by multi-million-dollar properties in one of Delray Beach’s most affluent neighborhoods,” said Joseph P. Thomas, senior managing director. “We generated numerous offers during our marketing process and ultimately selected a 1031 exchange buyer who closed all-cash in approximately 45 days.”
Thomas, Brian Rosen, Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, brokered the transaction.
Located at 1000 Palm Trail in downtown Delray Beach, Courtyard Townhomes was originally built in 1972 and extensively renovated between 2009 and 2010. The community consists of two- and three-bedroom apartments and is positioned east of Federal Highway, north of George Bush Boulevard, and just blocks from the Intracoastal Waterway and Atlantic Avenue.
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.
