Marcus & Millichap has successfully closed the sale of Bahia Beach, a six-story, 35-unit apartment building in Fort Lauderdale constructed in 1966. The property was sold for $5.5 million to a local developer and operator from a private investment group.
Evan Kristol, Marcus & Millichap executive managing director investments said: “Bahia Beach was one of only few rental buildings available in the submarket and it was delivered 100% vacant which provides an excellent opportunity for the new owner” Brandon Rex, Austin Michels and David Altman from Marcus & Millichap’s Ft. Lauderdale office had exclusive listing rights to market this multifamily asset.
The 17,167 square foot site is located at 3030 Harbor Drive – just one block away from Fort Lauderdale beach – zoned RMH-60 allowing up to 120 feet structure with bonuses up to 240 feet high as well as being contiguous with $1 Billion Bahia Mar redevelopment project making it an attractive option for investors looking into South Florida real estate market opportunities .
