Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Wallis & Stacy Townhomes, a two-property townhome portfolio in West Palm Beach, Florida.
“Wallis & Stacy Townhomes offered investors a rare chance to secure a stabilized, renovated asset with scale, strong tenancy and exceptional long-term growth potential in West Palm Beach,” said Evan Richardson, senior director investments in Marcus & Millichap’s Fort Lauderdale office. “This sale is a testament to the continued strength and resilience of the multifamily market in the region.”
Richardson and Marcus & Millichap’s Daniel Cunningham, River Rhoads, Dillon Majeski and Cory Sanchez, represented the sellers, 5201 Wallis Rd LLC and 5280 Stacy Rd LLC.
Richardson added: “This sale is especially rewarding for our team, as we also advised the seller on the original acquisition back in 2019. Being part of the asset’s full investment cycle highlights the long-term relationships we build and the value we strive to deliver at every stage.”
Built in 1991, the properties are located at 5820 Stacy Street and 5201 Wallis Road on 4.8 acres. The 46 units are all large three-bedroom, two-bathroom floorplans, with the majority
renovated to include updated kitchens, bathrooms and flooring. Community amenities include private backyards and laundry facilities.
The properties are five miles from Palm Beach International Airport and seven miles from downtown West Palm Beach, with convenient access to Interstate 95, Florida’s Turnpike, major retail corridors and employment centers, as well as local schools.
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.
