Marcus & Millichap Brokers Sale Of Fort Pierce Multifamily Asset

Marcus & Millichap announced the sale of Louisiana Apartments in Fort Pierce.

The asset sold for $4,015,000.

River Rhoads, Daniel Cunningham, Evan Richardson, Dillon Majeski and Cory Sanchez of Marcus & Millichap exclusively marketed the property on behalf of the seller.

“This sale is a testament to the continued demand for true value-add opportunities throughout Florida,” said Rhoads, director investments in Marcus & Millichap’s Fort Lauderdale office. “The property was over 20% vacant at closing, giving the buyer a clear path to stabilization and meaningful value creation.”

Located at 3202 Louisiana Ave., Louisiana Apartments is a 34,000-square-foot multifamily property on 1.64 acres. Built in 1973 and 1977, the property features six concrete-block buildings and a vacant parcel. The unit mix consists of 11 two-bedroom and 23 three-bedroom apartments.

Fort Pierce is the second-largest residential hub in the Port St. Lucie metro area and is situated in the Treasure Coast region of Florida’s Atlantic Coast. Louisiana Apartments is close to downtown Fort Pierce, U.S. Highway 1 and Interstate 95.