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| 1610 Euclid Ave. Apartments, Miami Beach, FL |
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| Arthur D. Porosoff |
The two-property portfolio consisted of a 23-unit building
that sold for $2.69 million and a 20-unit building that sold for $2.31 million.
Senior Associate Arthur Porosoff in Marcus &
Millichap’s Miami office, who specializes in the sale of multifamily properties
in Miami Beach, had the exclusive listing to market the properties on behalf of
the seller, a limited liability company from Miami Beach, FL. Porosoff also represented the buyer of the
properties, a private foreign investor from Venice, Italy.
“Both properties are located in AAA locations, steps away
from the world famous Lincoln Road Mall and just a few blocks from Ocean
Drive and the Atlantic Ocean. The
irreplaceable locations will allow the buyer to yield above a four percent
return in an international real estate market that is fueled by high demand and
low supply,” says Porosoff.
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| 1600 Pennsylvania Ave. Apartments, Miami Beach, FL |
The portfolio consists of two separate properties with
different folios.
1610 Euclid Ave is a 23-unit apartment building with
three structures: a main building consisting of 16 units, a two
bedroom/two-bath home at the rear of the property and a four-unit building
(currently operating as six units) on the south strip of the property. There
are 12 one bedroom/one bathroom units, 10 studio units and one two bedroom/two
bathroom unit. The property sold for
$2,690,000.
1600 Pennsylvania Avenue a 20-unit, corner, two-story
apartment building constructed in 1953.
The building consists of 18 studio/one bathroom units and two one
bedroom/one bathroom units. The property
sold for $2,313,000.
Press Contact:
Kirk Felici
First Vice President/Regional Manager, Miami
(786) 522-7000
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