Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Timbercreek Townhomes and Villas, a 20-unit multifamily community in Royal Palm Beach, Florida.
“This rare opportunity involved the only rental building in the city of Royal Palm Beach between 20 and 199 units,” said Evan P. Kristol, executive managing director investments.
“Located directly across the street from Veteran’s Park and walking distance to two ‘A’-rated schools, as well as having all three-bedroom apartments averaging 1,575 rentable square feet, makes it a coveted rental choice for families. The property was acquired
by a California-based buyer who was completing a 1031 exchange.”
Evan P. Kristol and Brandon Rex, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller, a private syndicator, and procured the buyer, a California investment group.
Timbercreek Townhomes and Villas, located at 100 Sparrow Drive, consists of four one- and two-story buildings constructed in 1980 on a 2.5-acre site. Community amenities include a gated swimming pool, gazebo and landscaped grounds. Interior features include in-unit washers and dryers, granite countertops, large walk-in closets and private patios or balconies.
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.
