FT. LAUDERDALE, FL,- The Garden Apartments, a 71-unit apartment complex here, has sold for $2.4 million, or roughly $34,000 per unit. The seller, a local private investor, was represented by brokers in the area office of Marcus & Millichap, while the buyer, a limited liability company also from Ft. Lauderdale, was represented by a broker in the West Los Angeles office of Marcus & Millichap.

The sale of the property was a short sale, says senior associate, Joseph Thomas in the Ft. Lauderdale office of Marcus & Millichap. Although the property had suffered from deferred maintenance, “the buyer plans to make necessary improvements to help grow the occupancy and revenue stream from the property,” he says.

The property is comprised of seven separate, but contiguous buildings on a 2.3-acre site. There are three one-story and four two-story buildings at the complex near downtown Ft. Lauderdale. Fourteen of the units are townhouses.

The velocity of apartment sales is picking up, because sellers and buyers are getting closer on pricing today, says Evan Kristol, first vice president for investments at Marcus & Millichap in Ft. Lauderdale. Plus, more properties are being foreclosed on and being put on the market, he says. Although the Garden Apartments was not a foreclosure, it was a distress sale.