Marcus & Millichap Brokers Four-Property $91.75 Million Affordable Housing Portfolio Sale
September 16 2022 - 12:48PM
Business Wire
Marcus & Millichap (NYSE: MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced today the sale of a
four-property, 669-unit Low Income Housing Tax Credit portfolio
located throughout Florida. The properties sold for a combined
total of $91.75 million.
“With the lack of affordable housing in Florida, these
communities provide much-needed rentals in their respective
cities,” said Evan Kristol, executive managing director in Marcus
& Millichap’s Fort Lauderdale office. “The new owner will
continue to maintain and operate them as affordable housing for
years to come.” Kristol represented the sellers, Benjamin Mallah
and Benjamin Mallah II, private owners, and the buyer, a national
owner and operator of affordable housing communities. The
properties are:
- The Overlook at Monroe, 100 Willner Circle, Sanford
- Villas at Cove Crossing Apartments, 2730 Lantana Road, Lake
Worth
- St. Luke's Apartments, 915 Quincy Street, Lakeland
- Sonrise Villas Apartments, 53 Sonrise Place, Fellsmere
Constructed between 1994 and 2007, the properties range in size
between 94 and 240 units. All were originally developed with
affordable tax credits and have long-term income and rent
restrictions.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220916005451/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
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