Deteriorated Multifamily Finally Trades After Two Years

FORT LAUDERDALE, FL-After two years on the market, Landmark Towers has finally traded hands. An assumable loan, high vacancy and deteriorating units challenged brokers to seal the $8.81 million deal on the 167-unit multifamily asset in Plantation.

Tal Frydman and Felipe Echarte, vice president of Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York. The duo also secured the buyer, a partnership from Philadelphia and New York. M&M took over the marketing about a year ago and has had it under contract for 11 months while working through the loan challenges.