FORT LAUDERDALE, FL—It was almost converted to condos, but the new owners—foreign buyers—instead will look to drive up rents at this luxury multifamily project. Harbour Pointe Villas just traded for $9.2 million, which equals $270,618 per door.

Evan P. Kristol and Still Hunter III, senior vice presidents at Marcus & Millichap, and Joseph P. Thomas, a vice president of Investments, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Encino, Calif. M&M's Kristol, Hunter, Thomas and Adam Duncan, an investment specialist, represented the buyer, private investors from Belgium.

“Harbour Pointe Villas and Docks offered the rare opportunity for an investor to acquire a truly best in class boutique apartment community in a AAA location with upside,” says Thomas. “We received bids at and above the asking price, which speaks to the quality of the asset.”

As its name suggests, Harbour Pointe Villas and Docks has six boat slips. The luxury multifamily project also has 34 units.

“The buyers plan to stabilize the property by eliminating concessions, increasing rents and building in ancillary income,” Thomas says. “The property also lends itself to the possibility of selling individual units as condominiums as the residential housing market continues to strengthen.”

Harbour Pointe Villas and Docks is just south of the 17th Street Causeway in the gated Harbour Inlet neighborhood. The luxury multifamily community offers seven one-bedroom/one-bathroom apartments and 27 two-bedroom/two-bathroom apartments. The exact address is 2201 SE 18th Street in Fort Lauderdale.

“The previous owner significantly renovated the community with the intention of converting to condominiums,” Hunter says. “With the exception of the original three-story concrete structure, almost every other part of the complex was upgraded or replaced. Although the property is technically not newly constructed, the extensive renovations resulted in a community that has the look and feel of the very highest-end new construction.”