(Read more on the multifamily market.)

MIRAMAR, FL-Locally based James & Coleman Inc. has acquired the 74-unit Willowbrook Apartments at 1860 SW 68th St. for nearly $5.1 million. The property was about 95% occupied at the time of the sale.

The seller was locally based Willowbrook Associates LTD, which was represented exclusively by Marcus & Millichap Fort Lauderdale office vice president of investments Evan Kristol and senior investment associate Still Hunter III. The buyer was also secured and represented by Kristol and Hunter. “The seller had owned the property well over 20 years and felt it was time to sell,” Kristol tells GlobeSt.com.

The buyer plans to upgrade the units as needed and increase rents. In recent years, many apartment buildings in Miramar were converted to condominiums so there are limited rental buildings in the market. “The property is close to the Seminole Hard Rock casino so there has never been any problem renting units,” Kristol says.

The property consists of five concrete buildings surrounding a courtyard. “The amenity package at Willowbrook exceeds most properties of its vintage,” Kristol says. “Featuring a great mix of floor plans, a spacious central courtyard, private gated parking, a pool and a clubhouse, the property was a great investment opportunity.”

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