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 The Villas, a 16-unit apartment property located in Fort Lauderdale, FL, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $6,500,000.
Alec G. Bashein, Associate, Brandon J. Rex, Senior Vice President and Evan P. Kristol, Executive Managing Director in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and secured the buyer, a private investor.
“The Villas presented a truly unique investment opportunity with flexibility to be operated as a traditional multifamily rental building, a short-term rental property or a blend of both,” states Bashein, “The Villas was a one-of-a-kind, luxury boutique rental property located in one of the most highly sought-after rental markets in South Florida.”
The Villas is located at 1-9 Isle of Venice Dr in Fort Lauderdale, FL. A 16-unit, boutique waterfront rental community and marina located in the exclusive Las Olas Isles submarket of Fort Lauderdale, Florida. This was a very rare offering was one of only 17 rental buildings over 5 units in the entire submarket and has arguably the best location. The Villas was constructed in 1952 and 1969 and consists of a two and three-story walk-up building with seventeen open parking spaces. The buildings sit on a .43-acre site that is surrounded by 280 feet of total waterfrontage on two sides with eleven boat slips that can each accommodate up to a 50-foot yacht. Isle of Venice Drive is one of only two streets that allows live-aboard boat slips and the subject’s dockage is grandfathered in. Furthermore, all eleven slips are leased on a month-to-month basis to the same tenant that has leased them since 2005.
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.
