Marcus & Millichap Inc.
08/15/2024 | Press release | Archived content
Marcus & Millichap Sells 18-Unit Multifamily Property in Lake Worth Beach for $3 Million
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Marcus & Millichap Sells 18-Unit Multifamily Property in Lake Worth Beach for $3 Million
August 15, 2024
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LAKE WORTH BEACH, Fla., August 15, 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 Artisan Condominiums, an 18-unit multifamily property in Lake Worth Beach, Florida, for $3,020,000.
"The strong fundamentals in recent developments in Lake Worth Beach have spurred renewed interest in the city," said River Rhoads, associate. Daniel Cunningham, senior vice president investments, added, "The buyer is a local investor who was in a 1031 exchange and recognized the property's potential for higher rents through hands-on management."
Rhoads, Cunningham, Evan Richardson and Dillon Majeski, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, LWB Housing Innovations LLC.
Located at 707 6th Ave. S, Artisan Condominiums is situated between Federal Highway and Dixie Highway, less than one mile south of Lake Avenue. The property spans five buildings comprising 17 one-bedroom units and one two-bedroom unit. Built in 1951, the property sits on a 0.71-acre lot and includes on-site laundry facilities.
"The strong fundamentals in recent developments in Lake Worth Beach have spurred renewed interest in the city," said River Rhoads, associate. Daniel Cunningham, senior vice president investments, added, "The buyer is a local investor who was in a 1031 exchange and recognized the property's potential for higher rents through hands-on management."
Rhoads, Cunningham, Evan Richardson and Dillon Majeski, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, LWB Housing Innovations LLC.
Located at 707 6th Ave. S, Artisan Condominiums is situated between Federal Highway and Dixie Highway, less than one mile south of Lake Avenue. The property spans five buildings comprising 17 one-bedroom units and one two-bedroom unit. Built in 1951, the property sits on a 0.71-acre lot and includes on-site laundry facilities.
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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.