Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Sunrise Portfolio, four multifamily properties totaling 184 units in Sunrise, Florida.
“Offered by an owner who acquired the first property in the portfolio over 20 years ago, the assets are in very close proximity in an excellent infill rental market,” said Brandon J. Rex, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. “Additionally, having 60 three-bedroom units in one community is rare, which makes the unit mix of this portfolio extremely appealing.” Rex, Evan Kristol, and Austin Michels of Marcus & Millichap represented the sellers, and procured the buyer, Category Five Real Estate LLC, headed by Leon Peisach and Mike Peisach. “New ownership plans to implement a value-add program, continue to make improvements to the properties, and grow revenue,” added Rex.
The Sunrise portfolio is comprised of four separate rental communities, Sunrise Gardens, a 24-unit property built in 1974, Riverview Apartments, a 40-unit asset constructed in 1973, Lake Success Apartments, 60 units constructed in 1971, and La Haina Apartments, a 60-unit property built in 1973. Riverview Apartments and Lake Success Apartments received new roofs this year and Sunrise Gardens and La Haina Apartments had their roofs replaced in 2023 and 2022, respectively. The portfolio’s unit mix is studios and one-, two- and three-bedroom apartments. Lake Success Apartments is all three-bedroom/two-bath units.
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.
