Marcus & Millichap : Brokers Multifamily Property Sale Following 48-Year Ownership in Fort Lauderdale
May 13, 2024 at 06:04 pm EDT
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Marcus & Millichap Brokers Multifamily Property Sale Following 48-Year Ownership in Fort Lauderdale
May 13, 2024
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FORT LAUDERDALE, Fla., May 13, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Mills Pond Apartments in Fort Lauderdale, Florida for $1.5 million.
"Mills Pond Apartments is a great example of how seller-financing can be a valuable asset for a long-term owner who is looking to capitalize on their equity, while still allowing a buyer to achieve a strong return on a value-add deal," says Austin Michels, associate.
Michels, Evan Kristol, Felipe Echarte and Brandon Rex, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.
The eight-unit multifamily property is situated at 1921-1941 NW 14th Ave., positioned between Sunrise Boulevard and Oakland Park Boulevard, east of Interstate-95. The property, which was managed by the seller for over 48 years, consists of two one-story contiguous fourplexes, featuring a mix of one- and two-bedroom units. Near the 130-acre Mills Pond Park, which features baseball and soccer fields, jogging trails, and a waterski course.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
