Press Releases
Marcus & Millichap Facilitates $2.35M Sale of Vero Beach Apartments
April 25, 2024
VERO BEACH, Fla., April 25, 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 Vero Beach Apartments in Vero Beach, Florida, for $2,350,000.
“The Vero Beach Apartments sold to a 1031 exchange buyer from Broward County,” said River Rhoads, associate. “This sale exemplifies a notable shift of capital moving from South Florida's Tri-County area further north, as investors seek to maximize returns by investing in emerging markets along the Treasure Coast.”
Rhoads, Daniel Cunningham, Evan Richardson, 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, a local LLC.
Vero Beach Apartments comprise four one-story buildings situated on two contiguous parcels at 1876 41st Ave. and 1875 40th Ave., totaling 20 units with one- and two-bedroom units. Nearby national retailers include Target, Best Buy, and Sam’s Club. The Vero Beach Regional Airport is 1.4 miles away, and the properties are close to the beach.
“The Vero Beach Apartments sold to a 1031 exchange buyer from Broward County,” said River Rhoads, associate. “This sale exemplifies a notable shift of capital moving from South Florida's Tri-County area further north, as investors seek to maximize returns by investing in emerging markets along the Treasure Coast.”
Rhoads, Daniel Cunningham, Evan Richardson, 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, a local LLC.
Vero Beach Apartments comprise four one-story buildings situated on two contiguous parcels at 1876 41st Ave. and 1875 40th Ave., totaling 20 units with one- and two-bedroom units. Nearby national retailers include Target, Best Buy, and Sam’s Club. The Vero Beach Regional Airport is 1.4 miles away, and the properties are close to the beach.
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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.
