Rare 20-Unit Multifamily Complex Sells for $4.4M in Palm Beach County

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 Timbercreek Townhomes & Villas in Palm Beach County. According to Ryan Nee, senior vice president and division manager, the property sold for $4,400,000.

“Originally developed and sold as ‘for sale’ townhomes, all but one was re-acquired and leased out as a rental over many years by the original developer. Timbercreek is a rare opportunity, as it is one of only three rental properties located in the Village of Royal Palm Beach between 10 and 200 units,” said Ray Catena, an investment specialist in the Marcus & Millichap Fort Lauderdale office.  “It also features a very desirable unit mix of all three-bedroom floor plans.” Catena, Evan Kristol, and Brandon Rex brokered the deal.

Timbercreek is located at 100 Sparrow Drive, situated on over two acres of land with a gated pool at the center of the community. It is across the street from Veterans Park, a local park covering over six acres featuring an amphitheater, mess hall, playground and an interactive splash fountain.

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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.