FORT LAUDERDALE, FL—Hamilton Landing, a 13-unit multifamily property Fort Lauderdale, FL, has a new owner. The rare asset traded for $153,846 per unit, or $2 million.

Joseph P. Thomas, an associate vice president of Investments in Marcus & Millichap‘s Ft. Lauderdale office, brokered the transaction. Adam Duncan, an investment specialist, also in the Ft. Lauderdale office, assisted.

“Hamilton Landing is a rare, waterfront rental property—with boat dockage—in the East Fort Lauderdale marketplace,” says Thomas. “The buyer plans o making improvements which will allow them to increase rents for the apartments and docks.  They will then continue to operate the property as rentals until the market for condominiums or development returns.”

Hamilton Landing is a boutique apartment building with six deep-water boat slips located along the Intracoastal Waterway just east of Bayview Drive in the Coral Ridge submarket of Ft. Lauderdale. High-end single-family homes, condominiums and townhouses, with a few remaining rental properties scattered throughout the area, surround it. Hamilton Landing was built in 1961 of concrete block with painted stucco exterior.