Marcus & Millichap Inc.
04/03/2025 | Press release | Distributed by Public on 04/04/2025 16:03
Marcus & Millichap Closes $8.14 Million Sale of 44-Unit Multifamily Property in Hollywood, Florida
Marcus & Millichap Closes $8.14 Million Sale of 44-Unit Multifamily Property in Hollywood, Florida
April 03, 2025
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HOLLYWOOD, Fla., April. 3, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Executive Rental Apartments, a 44-unit multifamily property in Hollywood, Florida, for $8,140,000.
"Executive Rental Apartments offered significant value-add potential, coupled with the rare opportunity to acquire 40+ units East of Federal Highway in Broward County," said Joseph P. Thomas, senior managing director.
Thomas, Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap's Fort Lauderdale office, exclusively marketed the property on behalf of the seller and procured the buyer.
"Our team generated 30 property tours and 19 offers from qualified buyers, which speaks to the continued strong demand for privately owned multifamily assets, even in a higher interest rate environment," added Demetriou.
Located at 1715 North 16th Ave., the property sits just east of U.S. 1 and minutes from Hollywood Beach, downtown Hollywood and Fort Lauderdale-Hollywood International Airport. Built in 1969, the three-story building comprises 44 units and features concrete block construction, central air, an elevator, three laundry rooms and a pool. Unit mix includes one- and two-bedroom floorplans.
"Executive Rental Apartments offered significant value-add potential, coupled with the rare opportunity to acquire 40+ units East of Federal Highway in Broward County," said Joseph P. Thomas, senior managing director.
Thomas, Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap's Fort Lauderdale office, exclusively marketed the property on behalf of the seller and procured the buyer.
"Our team generated 30 property tours and 19 offers from qualified buyers, which speaks to the continued strong demand for privately owned multifamily assets, even in a higher interest rate environment," added Demetriou.
Located at 1715 North 16th Ave., the property sits just east of U.S. 1 and minutes from Hollywood Beach, downtown Hollywood and Fort Lauderdale-Hollywood International Airport. Built in 1969, the three-story building comprises 44 units and features concrete block construction, central air, an elevator, three laundry rooms and a pool. Unit mix includes one- and two-bedroom floorplans.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
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