Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Cypress Drive Apartments, a six-unit multifamily property in Fort Lauderdale, Florida.
“The sale of Cypress Drive Apartments showcases the high demand for quality multifamily assets in South Florida,” said Austin Michels, associate. “This was a first-time multifamily acquisition for a local investor who saw the value-add potential of a property in a rapidly growing market. The buyers were also able to secure attractive financing. The Kristol Group of Marcus & Millichap collaborated with an outside brokerage to complete the deal, ensuring a smooth process for all parties involved.”
Michels, Brandon Rex and Evan P. Kristol, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the buyer in the transaction.
Built in 1961, the two-story vintage property is located at 5195 NE 18th Avenue in Fort Lauderdale’s Coral Ridge Isles neighborhood, less than three miles from Lauderdale-by-the-Sea Beach. It includes a mix of one- and two-bedroom units, a swimming pool and an on-site laundry facility.
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.
