The Real Deal Miami

Apartment property in Rockledge sells for $6.25 million

A private investor in New York paid $67,204 per unit for the 52-year-old property next to a golf course
September 24, 2017 09:30AM

Rockledge Villas

A 52-year-old apartment property next to a golf course in Rockledge sold for $6.25 million, or $67,204 per unit.

A private investor in New York acquired the 93-unit apartment property, called Rockledge Villas.

The six-acre property at 1525 South Fiske Boulevard in Rockledge was built in 1965 along the northeast corner of the Rockledge Golf Course and Country Club.

The buyer “was in a 1031 exchange from a property they sold in the Tampa area,” Felipe Echarte, first vice president investments in the Fort Lauderdale office of brokerage firm Marcus & Millichap, said in a prepared statement.

Echarte held the exclusive listing for Rockledge Villas together with Evan Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office.

Rents at the apartment property are “approximately $50 below market,” Kristol said in a prepared statement.

Kristol and Echarte represented the private investor who sold Rockledge Villas and procured the buyer, also a private investor.