Marcus & Millichap Inc.
Marcus & Millichap Inc.
25/06/2024 | Press release | Distributed by Public on 26/06/2024 21:27
Marcus & Millichap Arranges the Sale of a Florida 88-Unit Apartment Building for $15.9 Million
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Marcus & Millichap Arranges the Sale of a Florida 88-Unit Apartment Building for $15.9 Million
June 25, 2024
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LAUDERHILL, Fla., June 25, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Viewmax Apartments, an 88-unit apartment property located in Lauderhill, Fla. The asset sold for $15.9 million.
"The property was sold with an assumable loan in place that added to the difficulty in execution due to the nature of the coverage demands of the lender," said Daniel J. Cunningham, senior vice president investments. "The buyer was chosen for their relationship with the current lender and their ability to navigate the foreseeable challenges."
Cunningham, Evan Richardson, Dillon Majeski, and River Rhoads, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
"The combination of recent renovations completed throughout the property in addition to the current rents being lower than its market competitors will allow immediate upside for the buyers without much additional capital improvements needed," said Evan Richardson, first vice president investments.
The buyers, Leon and Mike Peisach, said, "We are delighted to invest in Lauderhill and are committed to improving the quality of life for our residents. At Category Five Real Estate (CFRE), we prioritize creating vibrant, well-managed communities that families can call home. CFRE ensures that we positively impact the neighborhoods we serve, fostering a sense of community and security."
Viewmax Apartments is located at 2011 NW 55th Ave in Lauderhill, Florida across the street from John Mullin Park and the Aquatic Center. The mid-rise apartment community features spacious, two-bed/two-bath floorplans. The updated kitchens feature granite countertops and stainless steel appliances. The property also features newly renovated elevators, renovated on-site leasing office, on-site laundry rooms with new machines, new concrete roofs and paint on the exterior of the buildings.
"The property was sold with an assumable loan in place that added to the difficulty in execution due to the nature of the coverage demands of the lender," said Daniel J. Cunningham, senior vice president investments. "The buyer was chosen for their relationship with the current lender and their ability to navigate the foreseeable challenges."
Cunningham, Evan Richardson, Dillon Majeski, and River Rhoads, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
"The combination of recent renovations completed throughout the property in addition to the current rents being lower than its market competitors will allow immediate upside for the buyers without much additional capital improvements needed," said Evan Richardson, first vice president investments.
The buyers, Leon and Mike Peisach, said, "We are delighted to invest in Lauderhill and are committed to improving the quality of life for our residents. At Category Five Real Estate (CFRE), we prioritize creating vibrant, well-managed communities that families can call home. CFRE ensures that we positively impact the neighborhoods we serve, fostering a sense of community and security."
Viewmax Apartments is located at 2011 NW 55th Ave in Lauderhill, Florida across the street from John Mullin Park and the Aquatic Center. The mid-rise apartment community features spacious, two-bed/two-bath floorplans. The updated kitchens feature granite countertops and stainless steel appliances. The property also features newly renovated elevators, renovated on-site leasing office, on-site laundry rooms with new machines, new concrete roofs and paint on the exterior of the buildings.
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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.