Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Inlet Reef Apartments, a 14-unit multifamily property located in the waterfront community of Palm Beach Shores, Florida.
“This is another great example of the type of demand we are continuing to see for properties in premier locations within Palm Beach County,” said River Rhoads, associate
director investments in Marcus & Millichap’s Fort Lauderdale office. “Despite the lower return going in, we were able to secure a buyer who believes in the long-term vision for Singer Island and the continued growth it’s poised to experience.”
Rhoads, along with Daniel Cunningham, Evan Richardson, Dillon Majeski and Cory Sanchez represented the seller in the transaction.
Built in 1955, Inlet Reef Apartments is located at 311 Inlet Way. The two-story property totals 7,302 square feet on a 0.39-acre parcel and includes 12 one-bedroom/one-bath
units and two studios. Community amenities include a private pool and laundry facilities.
The property is steps from the Palm Beach Inlet, within walking distance of Sailfish Marina and local dining and retail. Popular destinations such as Peanut Island and the Port of Palm Beach are minutes away.
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.
