2/28/2008

Fort Lauderdale multi-family trades hands for $10.7M

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USAT Corp. has sold the Palm Gardens Apartments in Fort Lauderdale, Fla., for $10.7 million to a group of Wilton Manors-based investors known as 2727 Palm Gardens, LLC. .

Brandon Rex of Marcus & Millichap represented USAT while Gregory Celentano handled the negotiations for the buyers. Financing for the acquisition was arranged by Meridian Capital Group.

The Palm Gardens sold for $65,600 per unit and includes seven retail units in an adjacent strip. Built in 1970, it is located at 2727 N. Andrews Ave., and was 95 percent occupied at the time of sale. The buyers plan to invest in upgrades to the units in the next six months.

Address: 2727 N. Andrews Ave., Fort Lauderdale, Fla.

Size: 163 units

Built: 1970

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Filed Under: Multi-Family

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