Monday, January 11, 2016

Marcus & Millichap Arranges $4.9 Million Sale of 56-Unit Soleil Apartments in North Miami, FL

Evan P. Kristol
NORTH MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Soleil Apartments, a 56-unit apartment property located in North Miami, Florida. The asset sold for $4,900,000 equating to $87,500 per unit.

Evan P. Kristol, a senior vice president investments, Felipe J. Echarte, a vice president investments, Robert S. Hunter, a senior Associate and Harrison Rein, an associate, all in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Fort Lauderdale, Fla. They also represented the buyer, a limited liability company from Miami.

"The seller purchased the Soleil Apartments in 2012 as a distressed asset. They completely repositioned the property and made extensive capital improvements including the renovation of all units with tile floors, granite countertops and custom wood cabinets," says Rein.

"The combination of renovated units, excellent location just west of Biscayne Boulevard along with the increasing strength of the North Miami rental market  will help the Buyer achieve top of the market rental rates and maintain high occupancy levels,” adds Echarte.

Soleil Apartments consists of three two-story buildings developed in 1963 with a unit mix of 16 one-bedroom/one-bathroom units and 40 two-bedroom/one-bathroom units.

The property is located at 1505-1525 NE 135th Street and 1530 NE 136th Street in North Miami.

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

Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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