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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
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.