Marcus & Millichap Brokers Central Broward County Multifamily Asset Sale

Marcus & Millichap announced the sale of Lakeside Villas, a 116-unit multifamily property located at 9404 NW 49th Place in Sunrise.

The asset traded for $23 million, or $198,276 per unit.

“Lakeside Villas’ low-density layout, ample green space and surface parking appeals to families and long-term renters,” said Daniel Cunningham, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.

 

“The property’s strong suburban South Florida location and proven rental demand provide the buyer with stability and scale,” said Evan Richardson, senior director investments.

Cunningham, Richardson, River Rhoads, Dillon Majeski, and Cory Sanchez of Marcus & Millichap, represented the seller, David Schwadron, and procured the buyer, Matthew Paul of MAP Communities.

The property is six miles west of Fort Lauderdale, near the Sawgrass Expressway, which connects residents with Interstate 75 and Interstate 595. Shopping, dining and entertainment are nearby at the Sawgrass Mills shopping mall and Amerant Bank Arena. The Everglades are a short drive west of the property and Keiser University and Nova Southeastern University are nearby.

Built in 1984 on 14 acres, Sunrise Villas consists entirely of two-bedroom/two-bathroom units that average 916 square feet. Apartments have washers and dryers, dishwashers, and breakfast nooks. Community amenities include a swimming pool and tennis court.