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 Cleveland Paradise Apartments, a 34,871-square-foot apartment complex in Hollywood, Florida. The property sold for $9.35 million.
“This was a unique opportunity to acquire one of only a few 50+ unit apartment buildings east of Federal Highway in the city of Hollywood, Florida,” said Evan Kristol, executive managing director investments.
Kristol, Felipe Echarte, and Brandon Rex, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller and buyer, both private investors.
Steven Goldwyn, first vice president with the Marcus & Millichap Capital Corporation, arranged the financing. “We discussed the transaction with nearly two dozen different capital providers and were able to source a lender that underwrote to a going-in debt yield of less than five percent, resulting in maximum proceeds including renovation funds for our client,” said Goldwyn. “Even in a volatile lending climate, the loan closed with no changes to theterms, and our client was able to continue growing his East Hollywood apartment portfolio.”
Cleveland Paradise Apartments is located at 1720 Cleveland Street and is 12 minutes from Fort Lauderdale-Hollywood International Airport. Built in 1972, the property consists of one studio, 32 one-bedroom/one-bath, one two-bedroom/one-bath, and 16 two-bedroom/two-bath units. Apartment amenities include a laundry facility, a pool, and air conditioning.
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.