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 Mango Drive Villas, a 15-unit apartment property, and Belvedere Apartments, a 16-unit apartment property, both located in West Palm Beach, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The Mango Drive Villas sold for $1,575,000, and Belvedere Apartments sold for $1,280,000.
Evan Richardson, associate, 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 Mango Drive Villas on behalf of the seller, an individual/personal trust, and secured the buyer, a private investor.
“Through our marketing process we generated numerous offers on Mango Drive Villas. The buyer that was selected ultimately ended up paying list price and waiving their inspection period upon contract execution,” states Richardson.
Richardson, Cunningham, and Gibbs had the exclusive listing to market Belvedere Apartments on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Evan Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office.
“Belvedere Apartments offered the buyer an opportunity to purchase a true value-add property with current rents well below market rates for comparable units in the surrounding area,” continues Richardson.
Mango Drive Villas is located at 671 Mango Drive in West Palm Beach. The property consists of 15 multifamily units across seven buildings - six duplexes and one triplex all on one parcel. All the units are approximately 950 square foot three-bedroom/one-bathroom apartments homes.
Belvedere Apartments is located at 365 Cherry Rd in West Palm Beach. The property consists of 16 multifamily units across six buildings - four duplexes and two quadplexes all on one parcel. All the units are approximately 676 square foot, two-bedroom/one-bathroom apartment homes.
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
