Press Releases
Marcus & Millichap Facilitates $7.55M Sale of Fort Lauderdale Multifamily Portfolio
February 15, 2024
FORT LAUDERDALE, Fla., Feb. 15, 2024 – 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 a multifamily portfolio in Fort Lauderdale, Florida. The assets sold for a combined total of $7,550,000.
"Our listing process generated several competing offers, leading to a portfolio sale that closed well above the original asking price. Additionally, we successfully negotiated seller financing terms that were agreeable to both the buyer and the seller, resulting in a successful closing for all parties involved in the transaction,” said Daniel Cunningham, senior vice president investments. “Both Nelson Manor and The Chalet East represent true value-add opportunities located in two of the most desirable sub-markets throughout Fort Lauderdale."
Cunningham, Evan Richardson, River Rhoads, and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, private investor.
The multifamily portfolio is comprised of two apartment buildings, Nelson Manor Apartments located at 811 SE 16th St., and Chalet East Apartments located at 105 NE 16th Terrace.
Nelson Manor consists of 22 one-bedroom units, totaling 12,366 square feet. Chalet East consists of 14 units, comprising 13 one-bedroom units and one two-bedroom unit, totaling 7,724 square feet. Both properties are east of Federal Highway and just minutes from the beach and Downtown Fort Lauderdale.
"Our listing process generated several competing offers, leading to a portfolio sale that closed well above the original asking price. Additionally, we successfully negotiated seller financing terms that were agreeable to both the buyer and the seller, resulting in a successful closing for all parties involved in the transaction,” said Daniel Cunningham, senior vice president investments. “Both Nelson Manor and The Chalet East represent true value-add opportunities located in two of the most desirable sub-markets throughout Fort Lauderdale."
Cunningham, Evan Richardson, River Rhoads, and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, private investor.
The multifamily portfolio is comprised of two apartment buildings, Nelson Manor Apartments located at 811 SE 16th St., and Chalet East Apartments located at 105 NE 16th Terrace.
Nelson Manor consists of 22 one-bedroom units, totaling 12,366 square feet. Chalet East consists of 14 units, comprising 13 one-bedroom units and one two-bedroom unit, totaling 7,724 square feet. Both properties are east of Federal Highway and just minutes from the beach and Downtown Fort Lauderdale.
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
