50-Year-Old Apartment Property In Rockledge Fetches $6.25 Million

Sep 25, 2017 No Comments by

A 52-year-old apartment property next to a golf course in Rockledge sold for $6.25 million, or $67,204 per unit.

A private investor in New York acquired the 93-unit apartment property, called Rockledge Villas.

The six-acre property at 1525 South Fiske Boulevard in Rockledge was built in 1965 along the northeast corner of the Rockledge Golf Course and Country Club.

 

The buyer “was in a 1031 exchange from a property they sold in the Tampa area,” Felipe Echarte, first vice president investments in the Fort Lauderdale office of brokerage firm Marcus & Millichap, said in a prepared statement.

Echarte held the exclusive listing for Rockledge Villas together with Evan Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office.

Rents at the apartment property are “approximately $50 below market,” Kristol said in a prepared statement.

Kristol and Echarte represented the private investor who sold Rockledge Villas and procured the buyer, also a private investor.

 

Source:  The Real Deal

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