Marcus & Millichap Facilitates Three Multifamily Property Sales Valued At $35 Million
In a series of notable transactions, Marcus & Millichap has successfully facilitated the sale of three South Florida multifamily properties. The sales, announced in mid-January 2025, reflect the growing demand for well-maintained and strategically located apartment communities in both established and emerging markets across the state.
Cresthaven Apartments: $14 Million Deal in Pompano Beach
On January 21st, Marcus & Millichap announced the sale of Cresthaven Apartments, a 62-unit multifamily portfolio spanning 19 buildings in Pompano Beach, for $14 million. The properties, acquired over a 36-year period by the seller, include a mix of four two-bedroom and 58 three-bedroom units across multiple addresses in the Cresthaven neighborhood. The sale offers a compelling opportunity for the buyer, with immediate rental upside potential.
Daniel Cunningham, Senior Vice President of Investments at Marcus & Millichap, highlighted the property’s potential, noting that 58 of the units, all three-bedroom, one-bathroom layouts, are currently rented at $2,200 per month. Cunningham emphasized that the seller, with whom he had a longstanding relationship, had maintained the properties in excellent condition throughout their ownership.
The property spans 58,147 rentable square feet on 3.54 acres and is ideally located near Pompano Beach, just under four miles from the beachfront and within five miles of Broward College North Campus.
Lake Palm Apartments: $4.5 Million Sale in Lake Worth Beach
Just a few days earlier, on January 17th, Marcus & Millichap announced the sale of Lake Palm Apartments, a portfolio of four adjacent multifamily properties totaling 24 units in Lake Worth Beach, Florida, for $4.5 million. This sale marks the first time these properties have been sold in over 40 years.
River Rhoads, Senior Associate at Marcus & Millichap, pointed out that current rents on the property are 53% below market value, presenting significant upside potential for the buyer. He also mentioned the rapid transformation occurring in the area, including the $100 million renovation of the nearby Gulfstream Hotel. These factors contribute to the growing appeal of Lake Worth Beach as a rapidly evolving market.
The portfolio includes properties located at 112 Lake Ave., 10 N Palmway, 115 Lucerne Ave., and 11 N Lakeside Dr., offering a mix of studio, one-, two-, and three-bedroom apartments averaging 900 square feet. The properties are situated just minutes from downtown Lake Worth Beach and the Atlantic Ocean, making them highly desirable for tenants seeking proximity to vibrant retail, dining, and recreational destinations.
SK Apartments: $16.5 Million Deal in North Miami
On January 16th, Marcus & Millichap also facilitated the sale of SK Apartments, an 83-unit apartment community in North Miami, for $16.5 million. Felipe Echarte, Senior Managing Director of Investments at Marcus & Millichap, described the sale as an indicator of a recovering market, with the transaction highlighting the firm’s ability to secure top market prices for sellers.
The property, located at 14555 NE 6th Ave., sits on a 1.99-acre lot at the intersection of NE 6th Avenue and NE 145th Street. The community features a mix of one- and two-bedroom units, averaging 645 square feet. Over the years, the property has been well-maintained with significant upgrades, including hurricane impact windows, new roofs, and modernized electrical systems.
SK Apartments is conveniently located near major transportation routes, including Interstate 95, and is within close proximity to several higher education institutions, including Florida International University’s Biscayne Bay Campus and Barry University.
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