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 Lake Worth Portfolio, a 33-unit, three property apartment portfolio in Lake Worth, Fla. The portfolio sold for $2,385,000.
“Many buyers look to more affordable properties in Lake Worth because the submarket offers assets that can be repositioned to raise revenues. Average cap rates here vary within the high-6 to mid-7 percent range. This was a great opportunity to acquire three well-maintained apartment buildings with historically high occupancy,” says Daniel J. Cunningham, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “We received interest from across the country and ultimately sold the property to a New York investor who was in a 1031 exchange.”
Cunningham as well as Evan Richardson, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and the buyer.
The properties are all located on 19th Avenue North between the main traffic arteries of Interstate 95 and North Dixie Highway with easy access to Florida’s beaches. 1242 19th Avenue North is a 16-unit apartment building with 14 one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. 1219 19th Avenue North is an 11-unit apartment building with eight one-bedroom/one-bathroom units and three two-bedroom/two-bathroom units. 1234 19th Avenue North is a six-unit apartment building with all one-bedroom/one-bathroom units.
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.
