The 183-unit project, located at 4790 N.W. 9th Court in Broward County, sold for $48,907 per unit, or $56 per sf. It had an 8.5% market capitalization rate. The property consists of 160,746 rentable sf on a little more than nine acres of land and is approximately 95%-occupied.
The project includes 129 two-bedroom/1.5-bath town homes and 54 one-bedroom/one-bath units. Sizes range from 736 sf to 938 sf. Monthly rental rates run $651 to $783. Amenities include a pool, tennis courts, a playground/rollerblading area and a car wash area.
Daniel Draizin, a senior associate, and Evan Kristol, a senior investment associate, both in Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co.'s Fort Lauderdale office, represented the seller in the transaction.
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