FORT LAUDERALE, FL- Mar Lago Village, a 216-unit, 231,952-square foot luxury apartment community in Plantation, traded for $26.5 million. The deal marks a healthy $122,685 per unit, or $114 a square foot.

Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap that serves the needs of institutional and major private investors, arranged the sale. Still Hunter, III and Evan Kristol, senior vice presidents of Investments, represented the seller, Mar Lago Village Associates. IPA also represented the buyer, Henderson Global Investors Limited.

“Mar Lago Village was 99% occupied at the time of the sale and had a trailing 12-month occupancy history of greater than 96%, which is indicative of the desirability of the product, its outstanding location and the overall strength of the Broward County rental market,” Hunter tells GlobeSt.com. Mar Lago Village is made up of 15 residential buildings and a clubhouse.

Built in 1999, the property is located on 13.9 acres at 200 Commodore Dr. in Plantation, which is part of the Miami-Fort Lauderdale-Pompano Beach metropolitan statistical area. Constructed of concrete block and stucco with pitched concrete tile roofs, the residential buildings are two-story garden-style walk-ups with a Mediterranean appearance complemented by tropical landscaping.

“Mar Lago Village is well positioned to provide immediate and stable cash flow with significant upside through a limited value-add program that will enhance the curb appeal of the community,” Kristol tells GlobeSt.com. The floor plans average 1,074 square feet and the unit mix is 24 one-bedroom/one-bath units, 160 two-bedroom/ two-bath apartments and 32 three-bedroom/two-bath units.