MIAMI BEACH, FL, March 26, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Croydon Arms (top left photo), a 96-unit vacant apartment building in Miami Beach, according to Greg Matus, Vice President/Regional Manager of the firm’s Fort Lauderdale office.
The asset commanded a sales price of $6,750,000 representing $71,809 per unit.
Vice President Investments Felipe J. Echarte (middle right photo) and Senior Associate Joseph P. Thomas (lower left photo) of the firm’s Fort Lauderdale office represented the buyer, a private investor from Miami Beach in the off-market transaction of the Croydon Arms.
“The sale of Croydon Arms is a good indicator that investors are aggressively looking for well-located properties. The buyer plans to make extensive renovations to restore the property to a trophy asset,” says Echarte.
Croydon Arms is a 94-unit, seven-story apartment building located on the southwest corner of Collins Avenue and 38th Street in Miami Beach, Florida.
The property is currently a concrete shell and the building has been vacant for a few years. The building was constructed in 1937 as a hotel and most units have ocean views and some have balconies. It is located at 3720 Collins Avenue in Miami Beach.
Press Contact:
Ashley Steele, (954) 245-3400
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