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 Surfside Villas, a 42-unit apartment property located in Stuart, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,353,500.
“Surfside Villas was a very unique sale due to the lack of transactions in the city of Stuart. Furthermore, the property was constructed in 1990 with predominantly two and three-bedroom floor plans, which made it a very desirable asset,” states Brandon J. Rex, first vice president investments, in Marcus & Millichap’s Fort Lauderdale office.
Rex and Evan P. Kristol, executive managing director investments, also in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Alejandro J. Gonzalez, senior associate, Felipe J. Echarte, first vice president investments, also in Marcus & Millichap’s Fort Lauderdale office, Kristol, and Rex.
“The buyer, based in South Florida, saw an opportunity to acquire a 1990 vintage property in a secondary market with far better returns than they are used to in South Florida,” continues Gonzalez.
Surfside Villas is located at 5833 Southeast 47th Avenue in Stuart. The property was constructed in 1990 of concrete block with a painted stucco exterior finish and consists of eight, one-story buildings and a separate leasing center on just under six acres of land. The unit mix is comprised of 15 one-bedroom units, 23 two-bedroom/one-bathroom units and four three-bedroom/one-bathroom units. The property also includes a private lake and wooded area.
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