Marcus & Millichap Arranges Sale of Lauderhill Apartments
- Aug 31, 2016
Miami—Marcus & Millichap has announced the sale of an 88-unit apartment community for $7.5 million. The seller, a limited liability company from Florida, was represented by Daniel Cunningham and Derek Gibbs, vice presidents of investments in Marcus & Millichap’s Fort Lauderdale office. The buyer was also a Florida-based limited liability company.
Located on 2.86 acres at 2011 NW. 55th Ave., Viewmax Apartments is surrounded by a plethora of entertainment venues and similar residential communities. The asset is a mid-rise, four-story, three-building and catwalk-style community featuring spacious rooms, on-site parking and management office, along with laundry facilities on each floor.
“The property has experienced high historical occupancy in large part because of Lauderhill’s infill location, high demographic density, and proximity to West Oakland Park Boulevard and Northwest 19th Street. The asset has averaged near 100 percent occupancy over the past several years,” said Cunningham in a statement.
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