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 Rockledge Villas, a 93-unit apartment property located in Rockledge, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $6,250,000.
Evan P. Kristol, executive managing director investments, and Felipe J. Echarte, first vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor, as well as procured the buyer, a private investor from New York.
“The Buyer was an investor from New York who was in a 1031 exchange from a property they sold in the Tampa area,” states Echarte. “This was a unique opportunity to acquire an apartment community situated on a golf course in a submarket with very limited rental supply. Additionally, current rents were approximately $50 below market,” continues Kristol.
Rockledge Villas is located at 1525 South Fiske Boulevard in Rockledge. The property was constructed in 1965 of concrete block with brick and painted stucco exteriors. Rockledge Villas sits on over six acres along the northeast corner of the Rockledge Golf Course and Country Club, directly on the golf course. Every apartment has spectacular golf course views from a private, screened-in patio or balcony.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 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