The Real Deal Miami

Lauderhill rental complex commands $7.5 million

The price for Viewmax Apartments on Northwest 55 Avenue equates to about $85,000 per unit

August 27, 2016 02:20PM

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Viewmax Apartments in Lauderhill

Viewmax Apartments in Lauderhill

Commercial property brokerage Marcus & Millichap announced the sale of an 88-unit apartment complex in Lauderhill for $7.5 million, or $85,227 per unit.

Daniel J. Cunningham, Derek R. Gibbs and Evan Richardson in the Fort Lauderdale office of Marcus & Millichap had the exclusive listing for Viewmax Apartments, a three-building complex at 2011 Northwest 55 Avenue in Lauderhill.

“The property has experienced high historical occupancy in large part because of Lauderhill’s infill location, high demographic density, and proximity to West Oakland Park Boulevard and Northwest 19 Street,” Cunningham said in a written statement. “The asset has averaged near 100 percent occupancy over the past several years.”

The Lauderhill complex occupies a 2.86-acre lot. It has two- and three-bedroom apartments, onsite parking and laundry rooms on each floor.

The buyer is a limited liability company in Plantation, and the seller is an LLC in North Bay Village.