Luxury Fort Lauderdale Multifamily Sold For $11 Million

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 18^th St. just south of the 17^th Street Causeway in Fort Lauderdale’s affluent Harbour Inlet neighborhood.
 

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