MIAMI—Oakland Hills Apartments, a 189-unit villa-style multifamily community in Margate, FL, has a new owner. The apartments sold for $10.5 million, or $55,556 per unit.

Still Hunter III and Evan P. Kristol, both senior vice presidents investments in Marcus & Millichap's Fort Lauderdale office, represented the seller, an agency lender working through an industry-leading loan servicing company. The buyer is a local private investor.

“The seller obtained the property through foreclosure,” says Hunter. “The $88 per rentable square foot sales price is approximately 30% less than the previous mortgage amount.”

Located at 5501 SW 11th St., the 119,232-square foot multifamily property is situated just east of Interstate 441 and State Route 7 at the edge of a residential neighborhood between McNab Road and Atlantic Boulevard, and just west of Florida's Turnpike. The apartments were built in 1989.

“The sales price, combined with 100% occupancy, provides the new investor with a future upside that is usually difficult to attain,” says Kristol. Oakland Hills Apartments span 28 one-story buildings on 18.7 acres. The unit mix includes 155 one-bedroom/one-bath units, 23 two-bedroom/one-bath apartment, nine two-bedroom/two-bath units and two three-bedroom apartments.