Marcus & Millichap Oversee Ft. Laudy Multifamily Deal
- Aug 04, 2016
Miami—Marcus & Millichap has announced the sale of The Gardens of Coral Springs, a 30-unit apartment community located in Coral Springs, Fla. The asset sold for $3.7 million.
Joseph Thomas, a vice president of investments, Adam Duncan, a senior associate, and Derek Soven, an associate in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Lighthouse Point, Fla., and the buyer, an LLC from Coral Springs, Fla.
“Investors remain energetic in their search for yield and value-add opportunities, extending their focus to suburban Broward County. Strong annual rent increases continue to attract prospective buyers to the suburbs, especially for properties that sell for less than $10 million,” said Thomas. “The Gardens of Coral Springs sold for a 6 percent capitalization rate and the buyer has a significant value-add opportunity in moving rents to market levels and implementing utility reimbursement. The property is currently sub-metered for water, but water was not being reimbursed as of the closing date.”
The Gardens at Coral Springs consists of 30 two-bedroom units within a two-story building. The property is located at 8203 W. Sample Road close to the Sawgrass Expressway and Florida’s Turnpike.
Most recently, Marcus and Millichap facilitated the sale of a five-story apartment community in New York City’s Upper East Side, and closed the sale of Birmingham Woods, a 28-unit apartment community in Minnesota.
Photo courtesy of Marcus and Millichap