Archive for December, 2015
NAI/Merin Hunter Codman Arranges $3.9 Million Purchase of 65-Unit Multifamily Property in Fort Lauderdale
West Palm Beach, Fla. – NAI/Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate services firms, announced that it has arranged the purchase of Northfork Garden Apartments, a 65-unit multifamily property in Fort Lauderdale, near the urban core of the city, for $3.9 million. Ary Sehayik and Wendy Pierre of NAI/ Merin Hunter Codman’s multi-housing unit represented the buyer, First Avenue Apartments LLC. The investment was a value-add purchase for the private Fort Lauderdale-based investors who believe the area and property have tremendous upside potential. The property is situated along the western gateway to Fort Lauderdale, an area undergoing significant economic transformation. The seller of the apartment property was We-build Inc. Suzanne Vordermeier-Waterhouse at VMC Realty represented the seller.
The Northfork Garden complex is located at 1415 NW 1 Street, which runs parallel to Broward Boulevard in Fort Lauderdale. It is just a block from the New River and enjoys easy access to I-95, which is approximately one mile to the west of the complex. This western area of the city will soon be receiving a huge economic boost with the opening of Riverbend Marketplace, a 310,000 square-foot project situated at the intersection of Broward Boulevard and I-95. Riverbend Marketplace will include a Walmart Supercenter and a variety of other retail and restaurants tenants, all of which will benefit Northfork Garden Apartments. The complex also benefits from the many young families that are increasingly drawn to the vitality of work-live locations near thriving downtown hubs. Broward County apartment buildings, in general, are also seeing some of the lowest vacancy rates in years with strong rental demand.
“The multifamily market is very strong in South Florida but opportunities remain to add value to underperforming assets to realize their full potential,” said Jordan Paul, CEO of NAI/Merin Hunter Codman.
CLICK HERE to read the full press release.
It’s the season of giving and NAI/Merin Hunter Codman is happy to have been able to participate for the 8th consecutive year in the Adopt-A-Family of the Palm Beaches Adopter and Santa Shoppe programs! Employees donated funds which the firm matched in order to purchase gifts for an adopted family.
Employees and their families also donated time on Saturday, December 12th at the Santa Shoppe party in West Palm Beach. Volunteers helped in a variety of areas including gift wrapping, a crafting area with the kids, kitchen duties, and guiding children through the event. The Santa Shoppe aims to provide a fun & festive holiday party for needy children and families in the community. Kids received personalized gifts, took pictures with Santa, made crafts, and selected free gifts for their families.
We’re so fortunate to have participated in this great program and we wish everyone in the community a happy holiday and New Year!