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| Homestead, FL Garden-Style Apartments, Homestead, FL |
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| 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.
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| 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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