 |
| 850 Meridian Avenue apartments, Miami Beach, FL |
MIAMI BEACH, FL, Nov. 2, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of a 20-unit, condominium-quality
apartment property located in Miami Beach, FL.
 |
| Arthur D. Porosoff |
The asset sold for
$4,400,000 representing $220,000 per unit and $349 per square foot.
The seller of the property, a developer based in Portugal,
was represented by Arthur D. Porosoff, a Vice President Investments in
Marcus & Millichap’s Miami office.
“This deal marks one of the highest price-per-unit
transactions in the South Beach market and is evident of the increased demand
from foreign - and domestic investors alike - for condominium-quality assets
renting as apartments,” says Porosoff.
“This was a great opportunity for the buyer to earn a solid
return with complete ease of management.
Due to the lack of renovated product in the market, the investor will
have the opportunity to increase rents as leases expire.”
The 850 Meridian project commenced with just the
non-demolishable, historic art deco concrete block shell. The interior finishes
include modern kitchens, hardwood floors and updated modern bathrooms. The
property is located steps from Lincoln Road, Ocean Drive and Espanola Way at 850
Meridian Avenue in Miami Beach, FL.
For a complete copy of the company’s news release, please
contact:
Kirk A. Felici
First Vice President/Regional Manager
Miami, FL
(786) 522-7000
No comments:
Post a Comment