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 Sun Haven Apartments, a 22-unit apartment property located in Deerfield Beach, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,400,000.
Brandon J. Rex, Evan P. Kristol and Felipe J. Echarte, 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 buyer, a private investor, was secured and represented by Rex, Kristol and Echarte.
“With minimal ownership turnover in Deerfield Beach, Sun Haven was a rare opportunity to acquire 22 apartments in four contiguous buildings which span an entire block,” said Kristol. Kristol is an Executive Director of the firm’s National Multi Housing Division and was a founding member of Marcus & Millichap’s Institutional Property Advisors group.
Sun Haven Apartments is located at 212-248 SE 9th Ave in Deerfield Beach, FL. It offers a diverse unit mix of studio, one- and two-bedroom floor plans. “The 20+ year owner operated the property with rents approximately $200 below its competitors, which will give the new owner a tremendous opportunity to increase the revenue stream,” Kristol added.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
