STUART, FL—A private 1031 exchange investor from California has acquired the Hemingway at Stuart multifamily community here.
The deal, which was announced by Marcus & Millichap, involved the sale of the 32-unit apartment property at 1600 S. Kanner Highway for $2.325 million. Brandon J. Rex, vice president investments in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Fort Lauderdale, FL. The buyer was secured and represented by Adam G. Duncan, an associate, and Joseph P. Thomas, a vice president investments, also in Marcus & Millichap's Fort Lauderdale office.
“Hemingway at Stuart offered an investor the ability to acquire a well-located property in close proximity to downtown Stuart. We created a tremendous amount of interest on this deal,” Duncan says. “There were numerous offers not only from local and regional investors but also from out-of-state buyers. We procured a 1031 exchange buyer from Southern California who aggressively pursued and ultimately won the deal.”
Hemmingway at Stuart consists of two two-story buildings comprised of 10 one-bedroom, one-bathroom units, eight two-bedroom, one-bathroom units, and 14 two-bedroom/two-bathroom units.
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