Skip to main content

Press Releases

Marcus & Millichap Brokers $10.7M Deal for 60-Unit Complex in Lake Worth

June 10, 2022

LAKE WORTH, Fla., June 10, 2022 – 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 Elkwood Apartments in Lake Worth, Florida. The 60-unit, 58,410-square-foot multifamily property sold for $10.7 million.

Elkwood Apartments is comprised of 30 duplex buildings on six adjoining parcels totaling 9.61-acres of land. Constructed between 1973 and 1979, the property has a unit mix of 42 two-bedroom and 18 three-bedroom apartments averaging 974 rentable square feet.

“Elkwood Apartments is a rare 60-unit, value add opportunity that is spread over 9.6 acres. Our client owned and operated the property for over 20 years and has many long-term residents with average rents $500 below the market, said Raymond Catena. “With increasing demand for workforce housing and a lack of rental supply, we were able to generate several competitive offers. The deal was ultimately awarded to a local buyer who paid all cash.”

Evan Kristol, Brandon Rex, and Raymond Catena, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Elkwood Property Co. Kristol, Rex and Catena also procured the buyer, Roberts Lane, LLC.

Elkwood Apartments, located at 4800 32nd Drive S., is situated just west of Congress Avenue and within close proximity to Interstate 95 (I-95) and Florida’s Turnpike. The property is within walking distance to Palm Beach State College, JFK Memorial Hospital, and John Prince Park.

 

#     #     #

About Marcus & Millichap (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.

MM Texture Background