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 two apartment buildings located in Fort Lauderdale and Wilton Manors, Fla..

Riverlane Condominiums, a 24-unit condominium property located in Wilton Manors, sold for $2,350,000 and Middle River Gardens, a 16-unit apartment complex located in Fort Lauderdale, sold for $1,750,000.

Both the buyer and seller were represented by Joseph P. Thomas, a vice president investments, Adam Duncan, a senior associate, and Derek Soven, an associate, in Marcus & Millichap’s Fort Lauderdale office.

“Stabilized multifamily assets in strong core locations continue to attract prospective buyers to Fort Lauderdale, especially when there is a clear path to continue to add value and increase rents. The properties are located in strong rental markets and both had recent renovations and upgrades,” says Adam Duncan a senior associate in Marcus & Millichap’s Fort Lauderdale office.

Riverlane Condominiums was originally constructed in 1967 and was renovated and converted to condominiums in 2006. The property has a unit mix of 12 one-bedroom/one-bathroom units and 12 two-bedroom/one-bathroom units. It is located at 3007-3011 North Andrews Avenue.

Middle River Gardens was constructed in 1957 and received upgrades to its kitchens and bathrooms and a new roof in 2011. The property has a unit mix of seven studios, eight one-bedroom units and one two-bedroom unit. It is located at 2809 and 2901 Middle River Drive.

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.