West Palm Multifamily Property Trades For $4.25 Million In 1031 Exchange Deal
Miami, FL – June 8, 2015 – (RealEstateRama) — Douglas Elliman Commercial Division Associate and CCIM Miami District Director Mitash Kripalani, CCIM negotiated the sale of a 27-unit multifamily asset for $4.25 million, or approximately $157,400 per unit.
The 1972-built property, located at 3907 S. Flagler Drive in West Palm Beach, totals approximately, 18,900 square feet. Kripalani represented the seller, a private investor from New York, in the transaction.
The seller hired Kripalani and Douglas Elliman because of their ability to tap into their vast network of high-level contacts. The seller was interested in a quick and discreet transaction, without disrupting the day-to-day operations and keeping the sale very confidential from their tenants. Mitash was able to market this asset within his database of clients and was able to obtain interest from multiple investors. Douglas Elliman has nine offices throughout South Florida, with more than 600 agents.
“Douglas Elliman Commercial represented both parties in this transaction; a testament to our commitment to the South Florida marketplace,” commented Kripalani. “Both buyer and seller have long-term relationships with Douglas Elliman. This property was recently renovated and is a well-situated waterfront building with a deeded dock space for additional rental income. The building has a strong occupancy and rent growth fundamentals in the immediate and surrounding submarkets, making it an attractive investment opportunity.”
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About Douglas Elliman Commercial: Douglas Elliman Commercial’s full suite of integrated real estate services is tailored to deliver value to clients ranging from investors, owners, and developers across a range of industries. Our multidisciplinary team has a demonstrated track record of uncovering promising opportunities and devising creative solutions to even the most complex commercial real estate challenges. For more information, please visit http://www.elliman.com/retail-and-commercial-brokerage/ or call 786.271.5598.
About CCIM: A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. The designation is awarded by CCIM Institute. A CCIM is a resource to the commercial real estate owner, investor, and user, and is among a corps of over 9,500 professionals around the globe who hold the CCIM designation. CCIM designees live and work in the U.S., Canada, Mexico, and more than 35 other nations. International membership includes more than 1,000 professionals. CCIMs must be proficient in the areas of investment analysis, market analysis, user decision analysis and financial analysis for commercial real estate.
Contact:
Debbie Colangelo
CRE-sources, Inc.
dcolangelo (at) cre-sources (dot) com
954.880.1150 / 954-290-3866 (Mobile)
