LAUDERDALE LAKES, FL—Marcus & Millichap reports it has brokered the sale of the 315-unit Whispering Palms apartment complex here for $18.2 million.

An unnamed New York City-based investor acquired the property for approximately $57,800 per unit. Marcus & Millichap's Tal Frydman, vice president investments, Daniel Cunningham, senior associate, and Derek Gibbs, senior associate, represented the seller, a Miami- and New York-based investor, as well as the aforementioned buyer.

Built in 1973 on just less than eight acres, the Whispering Palms apartment complex is located at 4540 NW 36th St. and consists of five four-story apartment buildings containing 46 one-bedroom/one-bath units, 118 two-bedroom/one-bath apartments, 70 two-bedroom/two-bath units and 81 three-bedroom/two-bath apartments. Community amenities include a playground, pool, on-site laundry, two elevators in each building, on-site parking and an on-site management office. At the time of the sale, Whispering Palms was approximately 96% occupied.

“Whispering Palms is a stabilized multifamily asset in Broward County, where respectable economic trends are driving apartment performance,” says Frydman. “Housing starts and retail sales are rising, and job growth has been solid, lowering the county's unemployment rate to less than the national and statewide level.”

He adds that the seller purchased the property 18 months ago and undertook significant renovations, which stabilized the property and boosted its occupancy rate substantially. “The buyer, who also owns the property next door, saw the property's improved potential and moved ahead of the competition to secure it,” Frydman says.