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 Lake Arjaro Apartments, a 57-unit apartment property located in West Palm Beach, FL, according to Ryan Nee, first vice president and district manager of the firm’s Fort Lauderdale office.
Brandon J. Rex, Evan P. Kristol and Raymond Catena, 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 also secured and represented by Rex, Kristol and Catena.
“Lake Arjaro represents an excellent value add opportunity for the buyer to improve the property and raise rents to market level,” noted Rex.
Lake Arjaro Apartments is located at 4885 Lake Arjaro Drive in West Palm Beach, FL. Lake Arjaro was constructed in 1984 and consists of seven two-story, garden-style apartment buildings and a one-story, freestanding leasing office and maintenance shop situated around a small lake on a total of 5.6-acres of land. The property offers a unique unit mix of two and three-bedroom floor plans with private patio or balcony.
Situated between Interstate 95 and Florida’s Turnpike, Lake Arjaro benefits from excellent access to transportation, employment and many economic drivers throughout Palm Beach County.
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.
