College Square Apartments Trades to Hollywood Private Investor

DAVIE, FL—In a rare trade of a mid-sized apartment development in Broward County, Marcus & Millichap reports the sale of the 64-unit College Square Apartments development here.

The property was sold by a Boca Raton, FL-based limited liability company to an unnamed private investor from Hollywood, FL for $5.75 million, which calculated out to $89,844 per unit. College Square Apartments, located at 6600 SW 39th St., is comprised of six two-story residential buildings with 40 one-bedroom apartments and 24 two-bedroom apartments. The community also includes a gated swimming pool, sundeck, barbecue grilling areas, a leasing office and laundry facility.

Evan P. Kristol, a senior vice president investments, and Joseph P. Thomas, a vice president investments, in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor from Hollywood, FL was also secured and represented by Kristol and Thomas.

“College Square Apartments was a rare opportunity to acquire a mid-size, value-add property in an excellent Broward County rental location. This property is ideally located adjacent to the South Florida Educational Center, which is comprised of area schools, colleges and universities,” Thomas says. “The buyer expects to increase revenue through renovations and improving operational efficiencies.”

“We generated tremendous interest through our marketing campaign and ultimately closed at the full asking price, with multiple backup offers,” Kristol adds. “This was one of a handful of remaining non-institutional assets left in the Davie submarket. The buyer was attracted to the rarity of the deal and the tremendous upside potential.”