Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, recently announced the sale of Timbercreek Townhomes & Villas in Royal Palm Beach.
According to Ryan Nee, senior vice president and division manager, the property sold for $4,400,000.
“Originally developed and sold as ‘for sale’ townhomes, all but one was re-acquired and leased out as a rental over many years by the original developer. Timbercreek is a rare opportunity, as it is one of only three rental properties located in the Village of Royal Palm Beach between 10 and 200 units,” said Ray Catena, an investment specialist in the Marcus & Millichap Fort Lauderdale office. “It also features a very desirable unit mix of all three-bedroom floor plans.”
Catena, Evan Kristol and Brandon Rex brokered the deal.
Timbercreek is located at 100 Sparrow Drive, situated on more than two acres of land with a gated pool. It is across the street from Veterans Park, a local park covering six acres featuring an amphitheater, café, playground and an interactive splash fountain.
Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For more info., visit www.marcusmillichap.com.
