Tuesday, June 21, 2016

Marcus & Millichap arranges sale of two homestead, fla. apartment communities for $8.5 million

Homestead, FL Garden-Style Apartments, Homestead, FL

Felipe J. Echarte

HOMESTEAD, FL, June 21, 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 two garden-style apartment communities located in Homestead, Fla. The 150-unit portfolio sold for $8,500,000.

            “Due to the lack of available mid-sized apartment complexes in Miami-Dade County, investors are seeking assets outside of the core market. Homestead Gardens was an excellent opportunity for an investor to acquire a stable property in an improving submarket with the potential to add value through renovation and increasing rental income,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Echarte along with 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 partnership from Quebec, Canada, and the buyer, a limited liability company from Sunny Isles Beach, Fla.

Evan P. Kristol
Homestead Gardens, located at 15451 SW 288th Street, is a 104-unit, two-story garden style apartment community with six buildings. The unit mix consists of 80 one-bedroom/one-bathroom units and 24 two bedroom/one-bathroom units.

Homestead Gardens II, located at 527 South Flagler Street, is a 46-unit, two-story garden style apartment community with five buildings. 

The unit mix consists of 10 two-bedroom/one-bathroom units, 30 three-bedroom/one-bathroom units, four four-bedroom/two-bathrooms units and two five-bedroom/two-bathroom units.

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

Ryan Nee
Vice President / Regional Manager, Fort Lauderdale

(954) 245-3400

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