Marcus & Millichap Brokers $1.8 Million Sale of Palm & Sun Furnished Suites in Lake Worth Beach Florida

LAKE WORTH BEACH, Fla., July 23, 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 Palm & Sun Furnished Suites, an apartment property in Lake Worth Beach, Florida. The asset was sold for $1.8 million.

"The sale of Palm & Sun exemplifies the continued demand for well-operated, turn-key properties with active transient licenses in South Florida," said Evan Richardson, first vice president investments. "By combining the seller's proven business model with our exclusive marketing process, we helped our client sell the property for more than double the price they originally paid."

Richardson, Daniel Cunningham, Dillon Majeski, and River Rhoads, investment specialists in Marcus & Millichap's Fort Lauderdale office, represented the seller in the transaction, a Florida-based private investor.

The 11-unit boutique apartment building is located at 1601 S Federal Hwy., situated on East Ocean Avenue in the city of Lantana. The unit mix consists of ten studio apartments and one one-bedroom unit. The asset is currently being operated as furnished rentals.

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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.