Sunday, October 18, 2015

$4.3 Million Sale of 68-Unit North Miami, FL Apartment Building Brokered by Marcus & Millichap

12401 NE 16th Avenue Apartments, North Miami, FL

NORTH 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 12401 NE 16th Avenue, a 68-unit apartment property located in North Miami, Fla. The asset sold for $4,300,000 equating to $63,235 per unit.

Felipe J. Echarte
Felipe J. Echarte, a vice president investments, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a partnership from Westmount, Quebec, Canada.  The buyer is a limited liability company from Miami.

The community was built in 1968 of concrete block and painted stucco exterior.  The property is located adjacent to the Johnson Wales University, North Miami Campus near the intersection of NE 123rd Street and Biscayne Boulevard. 

“This is an excellent opportunity for the Buyer to reposition this asset by renovating the units and common areas and bringing the rents to market levels,” says Kristol.

“Due to the unique location and the potential to increase value through renovation, we were able to create an auction like atmosphere with the Buyers to put the seller in a position to pick the most probable investor for this transaction,” adds Echarte.

The Property is located at 12401 NE 16th Avenue in North Miami, Fla.

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

Ryan Nee
Regional Manager, Fort Lauderdale

(954) 245-3400

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