Marcus & Millichap announced the sale of Elkwood Apartments in Lake Worth. The 60-unit, 58,410-square-foot multifamily property sold for $10.7 million.
Elkwood Apartments is comprised of 30 duplex buildings on six adjoining parcels totaling 9.61-acres of land. Constructed between 1973 and 1979, the property has a unit mix of 42 two-bedroom and 18 three-bedroom apartments averaging 974 rentable square feet.
“Elkwood Apartments is a rare 60-unit, value add opportunity that is spread over 9.6 acres. Our client owned and operated the property for over 20 years and has many long-term residents with average rents $500 below the market, said Raymond Catena. “With increasing demand for workforce housing and a lack of rental supply, we were able to generate several competitive offers. The deal was ultimately awarded to a local buyer who paid all cash.”
Evan Kristol, Brandon Rex, and Raymond Catena, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Elkwood Property Co. Kristol, Rex and Catena also procured the buyer, Roberts Lane, LLC.
Elkwood Apartments, located at 4800 32nd Drive S., is situated just west of Congress Avenue and within close proximity to Interstate 95 (I-95) and Florida’s Turnpike. The property is within walking distance to Palm Beach State College, JFK Memorial Hospital, and John Prince Park.
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