Press Releases
Marcus & Millichap Arranges $4.5 Million Sale of Lake Worth Beach Multifamily Properties
January 17, 2025
LAKE WORTH BEACH, Fla., Jan. 17, 2025 – 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 Lake Palm Apartments, four adjacent multifamily parcels totaling 24 units in Lake Worth Beach, Florida, for $4.5 million. This marks the first time the properties have been sold in 40 years.
“With current monthly rents being 53% below market value, this sale reflects the confidence in the continued growth and appreciation of Lake Worth Beach,” said River Rhoads, senior associate. “Situated just one block from the Gulfstream Hotel, which is currently undergoing its highly anticipated $100 million renovation, these properties are positioned in the heart of a rapidly evolving area.”
Rhoads, Daniel Cunningham, Evan Richardson and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the local private seller in the transaction.
The properties are located at 112 Lake Ave., 10 N Palmway, 115 Lucerne Ave. and 11 N Lakeside Dr., with a unit mix including studios and one-, two- and three-bedroom apartments averaging 900 square feet. Just minutes from downtown Lake Worth Beach and less than two miles from the Atlantic Ocean, the property is close to numerous restaurants, retail stores, and recreational destinations.
“With current monthly rents being 53% below market value, this sale reflects the confidence in the continued growth and appreciation of Lake Worth Beach,” said River Rhoads, senior associate. “Situated just one block from the Gulfstream Hotel, which is currently undergoing its highly anticipated $100 million renovation, these properties are positioned in the heart of a rapidly evolving area.”
Rhoads, Daniel Cunningham, Evan Richardson and Dillon Majeski, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the local private seller in the transaction.
The properties are located at 112 Lake Ave., 10 N Palmway, 115 Lucerne Ave. and 11 N Lakeside Dr., with a unit mix including studios and one-, two- and three-bedroom apartments averaging 900 square feet. Just minutes from downtown Lake Worth Beach and less than two miles from the Atlantic Ocean, the property is close to numerous restaurants, retail stores, and recreational destinations.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
