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POMPANO BEACH, FL-Farmingdale, NY-based Bruckner Southern LLC has acquired the 403-unit Palm Island Apartments at 401 NW 34th St. for $29 million. The deal factors out to $71,960 per unit.

Marcus & Millichap vice president of investments Evan Kristol and senior investment associate Still Hunter III, located in the company’s Fort Lauderdale office, and multifamily specialist Bryn Merrey, located in the Miami office, represented the seller, Margate-based Cro-Man II LLC. The buyer was represented by Marcus & Millichap senior investment associate Tal Frydman, in the company’s Fort Lauderdale office.

“Palm Island is one of the few remaining 400-plus unit apartment properties in southeast Florida,” Kristol says. “The well-stabilized asset features a variety of amenities, including a resort-style pool, putting green and tennis courts in a location just one block west of Interstate 95.”

Built in 1974, the complex consists of 13 two-story buildings on 20 acres. Due to recent hurricane activity, some renovations were done on the building including a number of new roofs and air conditioners.

Due to the high number of condo conversions in recent years, the apartment market in Broward County has been experiencing decreased vacancies and increased asking rents. For 2006, the vacancy rate is expected to remain at a tight 2.6% with asking rents project to climb 6% to $1,085 per month, according to a Marcus & Millichap Q3 apartment market report.

In Pompano Beach, the vacancy rate was 3%, which reflects a 290 basis point decrease over the previous year. Effective rents rose 5.2% to an average of $931, the report states. “Due to the overwhelming number of apartment complexes that were converted to condos over the past few years, Palm Island will benefit significantly from the rapidly increasing rents in South Florida,” Frydman says.

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