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 The Gardens of Coral Springs, a 30-unit apartment property located in Coral Springs, Fla. The asset sold for $3,750,000.
“Investors remain energetic in their search for yield and value-add opportunities, extending their focus to suburban Broward County. Strong annual rent increases continue to attract prospective buyers to the suburbs, especially for properties that sell for less than $10 million,” says Joseph P. Thomas, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The Gardens of Coral Springs sold for a 6 percent capitalization rate and the buyer has a significant value-add opportunity in moving rents to market levels and implementing utility reimbursement. The property is currently sub-metered for water, but water was not being reimbursed as of the closing date.”
Thomas as well as Adam Duncan, a senior associate, and Derek Soven, an associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Lighthouse Point, Fla., and the buyer, a limited liability company from Coral Springs, Fla.
The Gardens at Coral Springs consists of 30 two-bedroom/two-bathroom units within a two-story building. The property is located at 8203 W. Sample Road close to the Sawgrass Expressway and Florida's Turnpike.
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.
