Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Singer Island Hotel and Cottages, a 30-unit portfolio of five contiguous buildings on four parcels sitting on almost a full acre on Singer Island, Fla. The asset sold for $4,445,000.

Derek R. Gibbs and Daniel J. Cunningham, vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. The buyer, was secured and represented by Brian L. Rosen, a senior associate also in Marcus & Millichap’s Fort Lauderdale office.

The property was built between 1952 and 1971 as a multi-family apartment and short-term rental complex and was later converted into a destination rehabilitation and recovery center. The unit mix includes 22 one-bedroom/one-bathroom units, two two-bedroom/one-bathroom units and six studios.

Singer Island Hotel and Cottages is located at 1166 E Blue Heron Boulevard and is walking distance to the ocean and close to new retail and hospitality developments.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com