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 Lilac Park Apartments, a 14-unit apartment property located in Palm Beach Gardens, Florida. The asset sold for $1,700,000 equating to $121,429 per unit.

“Lilac Park Apartments offered an investor the opportunity to purchase a turn-key, stabilized and upgraded multi-family property in an affluent submarket of Palm Beach County,” says Richardson, associate in Marcus & Millichap’s Fort Lauderdale office. “The property was purchased by an investor in a 1031 exchange from New York looking to acquire additional property in South Florida.”

Richardson, along with Daniel J. Cunningham and Derek R. Gibbs, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Hobe Sound, Florida. The buyer was a limited liability company from New York City.

Built in 1963, Lilac Park Apartments consists of seven duplexes situated on 1.68 total acres. The 14 units all have two-bedrooms and one-bathroom. Lilac Park Apartments is located between Northlake Boulevard and PGA Boulevard at 10034 Plant Drive in Palm Beach Gardens.

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