Tuesday, October 30, 2012

Marcus & Millichap Sells Two Art-Deco Apartment Buildings on South Beach in Miami Beach, FL


1610 Euclid Ave. Apartments, Miami Beach, FL
MIAMI, FL, Oct. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of two art deco-style apartment buildings on Miami Beach’s South Beach, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.


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. 

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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