Wednesday, February 24, 2016

Marcus & Millichap Arranges $1.8 Million Sale of 12-Unit Apartment Building in Miami Beach, FL

Felipe J. Echarte
MIAMI BEACH, FL, Feb. 24, 2016 – 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 Sapphire NoBe, a 12-unit, two-story, garden-style multi-family complex in the Normandy Isle area of Miami Beach. 

The asset sold for $1,837,500 representing $153,125 per unit.

“Normandy Isle is a very strong rental community with minimal vacancies due to a growing demand in the area, lack of new product being added to the market and the reduction of inventory due to buildings being converted to condominiums and short term rentals,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

“This was a rare opportunity to acquire a renovated apartment building with condo documents in place in an absolute AAA location that continues to appreciate and will do so for the foreseeable future.”

Echarte, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Toronto, ON, and the buyer, a limited liability company from Miami Beach.

Located at 6930 Rue Vendome in Miami Beach, Sapphire NoBe is just south of Normandy Drive (71st Street), which becomes John F. Kennedy Causeway and is the main entrance into the North Beach area from the city of Miami. The neighborhood is on an island located between North Beach and North Bay Village.

Sapphire NoBe consists of two studios and 10 one-bedroom/one-bathroom apartments -each with its own private entrance. The property has been extensively renovated including impact resistant windows and doors, new railings, landscaping, front entrance with travertine flooring, and a new roof in 2012.

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

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

No comments: