Wednesday, March 26, 2014

Marcus & Millichap Brokers $4.35 Million Sale of ZP Apartments in Miami, FL


ZP Apartments, 5610 North Miami Avenue, Miami, FL

Evan P. Kristol
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of ZP Apartments, an 89-unit apartment property located in Miami, FL. The asset sold for $4,350,000.

Evan P. Kristol, a Senior Vice President Investments, and Felipe J. Echarte, a Vice President Investments, both in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local private investor. 

“ZP Apartments offered investors a rare opportunity to acquire a critical mass of units situated on almost 2.5 acres in the city of Miami.

“This area is primed for the redevelopment and repositioning of existing properties because of the growth of Midtown and the Design District, as well as the progression of development northward along Biscayne Boulevard and other north/south corridors.


Felipe J. Echarte
“ The buyer of ZP Apartments has a potential upside in the rent through strong management and making further renovations to the units,” says Echarte.

ZP Apartments is an 89-unit apartment community consisting of two folios and 12 buildings which are located about a mile north of the Design District and several blocks west of Biscayne Boulevard.  The property is located at 5610 N. Miami Avenue in Miami, FL. 

For a complete copy of the company’s news release, please contact:

 Ryan Nee
Regional Manager
Ft. Lauderdale, FL
(954) 245-3400


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