The Real Deal Miami

Villa apartments in Margate sell for $109,000 per unit

The 144-unit Waterford Villas property, built in 1974, changed hands for $12.4 million

August 13, 2016 10:15AM

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Waterford Villas, 6954 SW 5th Street, Margate

Waterford Villas, 6954 SW 5th Street, Margate

Commercial real estate brokerage Marcus & Millichap arranged the sale of a 114-unit apartment complex in Margate for $12.4 million, or $109,000 per unit.

The villa-style rental property, called Waterford Villas, is located on 6.4 acres site at 6954 Southwest 5 Street in Margate.

Built in 1974, Waterford Villas had been held by the previous owner since 1989. The seller’s representatives were Evan P. Kristol and Brandon J. Rex, each a senior vice president, investments, in the  Fort Lauderdale office of Marcus & Millichap. Kristol and Rex also procured the buyer.

The new owner of the multifamily property should benefit from “continued rental growth from ever-improving local market fundamentals,” Kristol said in a press release. The buyer also cab choose from “multiple exit strategies, including selling off each building separately or converting the entire property to condominiums. Every building has its own folio number and a large percentage of the apartments have already been upgraded to condo-quality.”

Amenities at Waterford Villas include a gated swimming pool, on-site laundry facilities, and  landscaped courtyards. Apartments have built-in microwaves and feature tile flooring.