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 an assembly of residences as part of the larger 196-unit Delray Swan Project in development by Rosen Associates based in Miami. The 8-property portfolio sold for $4,738,000.
Brian L. Rosen, first vice president investments in Marcus & Millichap’s Fort Lauderdale office, closed on the portfolio. The buyer engaged Rosen to work on the purchases through an exclusive buy-side agreement.
The single-family home portfolio is part of a 14-parcel development totaling over 2.5 acres, two blocks south of Pineapple Grove and Atlantic Avenue, the busiest intersection of Delray Beach. The project is now in site plan approval.
“There were many challenges in working with 8 different owners from large REITS like Tricon homes which own tens of thousands of units to individual families that had lived in the homes for decades,” said Rosen. “We were able to offer above market value even in today’s hot market while providing time for the developer to get their ducks in a row. We structured the deal to give the sellers time to secure new homes and forgo rent during this period.”
The properties are located at 219, 223, 227, 231, 237, 243, 251 and 253 S.E. 1st Avenue in Delray Beach, Florida. According to the City of Delray Beach property records, the land use category was amended from Medium Density (MD) to Commercial Core (CC) and rezoned from residential to a central business district.
The vitality that Rosen Associates Development is bringing to the area is immense. The area’s evolution includes a recently completed colorful jungle mural alongside 61 new parking spaces with lighting, landscaping, and a sidewalk spanning over 200 yards from the 200-300 block of Southeast 2nd Avenue directly in front of the Delray SWAN proposed project. These improvements are part of The OG Bar-to-restaurant transition in 2022, which the developer also owns and operates just to the north of the Delray Swan project.
“The future OG x Taquiza concept will be a great addition to this south side of Delray Beach, which has been needing stabilization for some time now,” added Rosen.
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.
