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

TRD MIAMI /
Aug.August 13, 2016 10:15 AM

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.


Related Articles

arrow_forward_ios
From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Howard Cohe of Atlantic | Pacific and downtown Miami (Credit: iStock)

Atlantic | Pacific closes $140M portion of multifamily fund

arrow_forward_ios