South Florida apartments sold

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Marcus & Millichap completed the sale of the 245-unit Hawaiian Palms Apartments in Lauderdale Lakes, Fla. The value of the transaction was $15.5 million. Massachusetts-based Sawyer Realty Holdings sold the property to Fla.-based Glendale Properties and Investment Inc. Hawaiian Palms Apartments is located at 3540 N.W. 50th Ave. The sale includes 245,000 rentable square feet on approximately 12 acres. The community was constructed between 1986 and 1987 and has a unit mix composed entirely of two-bedroom units, each with 1,000 rentable square feet. Sawyer recently refurbished the property, which includes a clubhouse, leasing office, fitness center, pool and spa, and central air-conditioning. At the time of sale, occupancy was 93 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....