Press Releases
Marcus & Millichap Facilitates Palm City Multifamily Sale After 40-Year Ownership
February 08, 2024
PALM CITY, Fla., Feb. 8, 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 property in Palm City, Florida. The asset sold for $7 million.
“The closing of the Palm City Apartments represents the first time the property has been sold since the original developer built the property nearly 40 years ago,” said River Rhoads, associate. “The property has been very well maintained over time and offers the buyer a phenomenal value-add opportunity with the current monthly rents being almost 50% under the market rates in the area.”
Rhoads, Evan Richardson, Daniel Cunningham, and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the buyer in the transaction, a Connecticut-based LLC.
“This sale exemplifies the continued demand we are seeing from domestic, out-of-area capital actively seeking to acquire multifamily properties in Florida,” added Rhoads.
The apartment complex, located at 544 SW 35th St., spans 37,200 square feet across five buildings totaling 48 units. Nearby national retailers include Publix, Aldi, Outback Steakhouse, and Chick-Fil-A.
“The closing of the Palm City Apartments represents the first time the property has been sold since the original developer built the property nearly 40 years ago,” said River Rhoads, associate. “The property has been very well maintained over time and offers the buyer a phenomenal value-add opportunity with the current monthly rents being almost 50% under the market rates in the area.”
Rhoads, Evan Richardson, Daniel Cunningham, and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the buyer in the transaction, a Connecticut-based LLC.
“This sale exemplifies the continued demand we are seeing from domestic, out-of-area capital actively seeking to acquire multifamily properties in Florida,” added Rhoads.
The apartment complex, located at 544 SW 35th St., spans 37,200 square feet across five buildings totaling 48 units. Nearby national retailers include Publix, Aldi, Outback Steakhouse, and Chick-Fil-A.
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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.
