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Marcus & Millichap Registers 350 Buyers for Multifamily Sales

MIAMI—A $77-million Boca Raton sale closes first in a multifamily portfolio deal.

By Natalie Dolce | nataliedolce | | Updated on July 28, 2016
Steve Witten, left, and Still Hunter III, right, of Institutional Property Advisors. (Courtesy photo. Darryl Nobles / DreamFocus Photography) Steve Witten, left, and Still Hunter III, right, of Institutional Property Advisors. (Courtesy photo. Darryl Nobles / DreamFocus Photography)
MIAMI—After entering the Florida market during the severely depressed market conditions of 2009, LSR Communities is largely exiting the state. A team with Marcus & Millichap’s institutional property division is representing the Houston-based owner and operator of multifamily properties as it divests itself of holdings in Boca Raton, Coral Springs and Orlando. According to a recent article from GlobeSt.com sister publication, ALM’s Daily Business Review, “LSR entered the market due to the entrepreneurial nature of the market in 2009,” said Steve Witten, an executive director of the division’s Northeast and Florida team. “They are taking advantage of the current environment where we have seen appreciation of growth since they purchased the property.” LSR sold the 360-unit Arbor Oaks Apartments in Boca Raton to Los Angeles-based JRK Property Holdings for $77 million, or nearly $214,00 per unit, in a deal that closed May 26. The 18-building gated community sits on 26.7 acres at 9817 Arbor Oaks Lane. LSR sold Pine Harbour Apartments, a 366-unit complex on 18.7 acres in Orlando, for $44.5 million in June and is finalizing the sale of Sherwood Forest, a 400-unit community on 20.2 acres in Coral Springs that it purchased in 2012 for $49.2 million. IPA also marketed five small properties with a total of 144 units in Boca Raton, but LSR is holding onto them for now, the article says. To read more about how hard M&M hit the market and how many buyers the team reached out to, check out the full story. Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.  

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