LAKE WORTH, Fla, September 6, 2018 – 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 Gulfstream Apartments, a 34-unit apartment property located in Lake Worth, Fla., according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $4,000,000.
"Gulfstream Apartments presents the buyer with an excellent opportunity to purchase a well performing asset that also has added value potential through updating unit interiors and increasing rents to market rates,” stated Evan Richardson, senior associate, in Marcus & Millichap’s Fort Lauderdale office.
Richardson, Daniel J. Cunningham, first vice president investments, and Derek R. Gibbs, first vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, and secured and represented the buyer, a private investor.
Gulfstream Apartments is located at 4691 Gulfstream Road in Lake Worth. The property consists of 34 multifamily units across 17 duplex buildings and seven parcels all located on Gulfstream Road. Eighteen of the units are large two bedroom/one bathroom and the remaining 16 units are three bedroom/one bathroom.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
