Marcus & Millichap Facilitates Sale of Two Hialeah Apartment Buildings

Hialeah, Fla, March 6, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment brokerage firm, has announced the sale of two Hialeah apartment buildings, according to Gene A. Berman, Managing Director of the firm’s Fort Lauderdale office.

Nina’s Apartments, (photo top left) a 36-unit apartment complex located at 1288 W 29th Street, demanded a sales price of $3,153,000.00. Built in 1968 with concrete block construction, the building features an excellent mix of one and two bedroom units.

Queens Apartments, (photo at right) a 34-unit apartment complex located at 1271 W 29th Street, demanded a sales price of $2,978,000.00. Built in 1971, the property has a total of 60 marked parking spaces, which is a rare commodity in the Hialeah market.

Evan Kristol, Senior Vice President Investments and Still Hunter, III, First Vice President Investments in Marcus & Millichap’s Fort Lauderdale office represented the seller of the properties, Samuel and Nina Levy. The listings agents and an outside broker represented the buyer of the properties, L & D Investors, Inc.

“Over the past decade Hialeah has seen its inventory of rental apartments greatly reduce due to condo conversions. In this same time period, no new market rate properties have been built and there is no land available on which to build new inventory. Therefore, the buyer will benefit from an immediate opportunity to increase rents,” says Kristol.

Contact:

Ashley Steele

Marketing Coordinator

Marcus & Millichap

5900 N. Andrews Avenue, Suite 100

Fort Lauderdale, FL 33309

Direct Tel: (954) 245-3516

Cell: (215) 828-9585

Fax: (954) 245-3410