Wednesday, February 17, 2016

Marcus & Millichap Arranges $1.2 Million Sale of 12-Unit Apartment Building in Miami, FL

12-Unit Apartment Building  between West Flagler Street and NW 7th Street, 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, announced the sale of 95 NW 47th Avenue, a 12-unit apartment property located in Miami, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $1,200,000 representing $100,000 per unit.

            “The property is located between West Flagler Street and NW 7th Street in a busy commercial corridor near the airport. The complex has historically high occupancy and the buyer has an opportunity to realize an upside by increasing rents,” says Alejandro J. Gonzalez, an associate in Marcus & Millichap’s Fort Lauderdale office.

Gonzalez along with Evan P. Kristol, a senior vice president investments, and Felipe J. Echarte, a vice president investments, who are also based in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Hialeah, Fla., and the buyer, a private investor from Miami.

The apartment building was constructed in 1963 and sits on a 0.28-acre lot. It is comprised of two efficiencies and 10 one-bedroom/one-bathroom units.

 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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