Marcus & Millichap announced the sale of Harbour Pointe, a 34-unit luxury apartment building located in Fort Lauderdale. The asset, which has 350 feet of water frontage with rental boat slips, sold for $11 million, which equates to $323,529 per unit.
“Harbour Pointe is a best-in-class multifamily property in an extremely high barrier-to-entry market with absolutely no direct rental competition,” says Joseph P. Thomas, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “Our marketing campaign generated significant demand from investors across the country and resulted in eight competitive offers. The winning bid was from a joint venture between New York- and California-based buyers who closed all-cash and will be placing long-term debt on the property.”
Thomas, along with Adam Duncan, a senior associate, and Derek Soven, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and procured the buyer. Marcus & Millichap previously sold the property in September 2010 for $8.1 million and again in October 2013 for $9.2 million.
“In addition to continued stable cash flow and predictable future rent growth, the property offers a significant value-add opportunity through stabilizing rents, implementing utility reimbursements and adding additional income sources like tenant storage lockers,” adds Duncan.
Harbour Pointe is a three-story apartment building composed of seven one-bedroom/one-bath apartments and 27 two-bedroom/two-bath apartments and dockage that provides quick intra-coastal and ocean access. The property was extensively renovated and modernized in 2010. It is located at 2201 Southeast 18th St. just south of the 17th Street Causeway in Fort Lauderdale’s affluent Harbour Inlet neighborhood.
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