Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the $9.5 million sale of Somerset Lakes Condos, a 68-unit condominium community in Lauderdale Lakes, Florida.
The buildings are part of Somerset Lakes, a master-planned community totaling 1,800 units across 25 four-story buildings, each with its own association.
“This transaction underscores the continued demand for value-add opportunities in South Florida’s multifamily market,” said Austin Michels, associate director investments. “The sale of Somerset Lakes Condos at full asking price highlights how investors are still aggressively pursuing well-located assets, particularly when favorable seller financing terms are on the table.”
Michels, Evan P. Kristol and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller. The buyer was procured by Michels, Kristol and Brandon Rex of Marcus & Millichap.
“The buyer, a private investor out of New York, recognized the upside potential in repositioning the property and capitalizing on the strong rental demand in the Lauderdale Lakes submarket,” added Michels.
Located at 2820 and 2830 Somerset Drive, Somerset Lakes Condos consists of two four-story buildings constructed in 1981. The property includes a mix of one- and two-bedroom units, with the majority being two-bedroom, two-bathroom layouts. Amenities include gated entrances, 24-hour security, elevators, landscaped courtyards, laundry rooms on every floor, ample parking and multiple lakes throughout the property.
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.
