$11.6 Million Apartment Building Trades in Miami, FL

Park Towers

MIAMI, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Park Towers, a 207-unit multifamily property in Miami. The asset commanded a price of $11.6 million, which equates to approximately $56,039 per unit.

Tal Frydman

Tal Frydman, a vice president investments, and associates Daniel Cunningham and Derek Gibbs, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private firm based in Scottsdale, Ariz. The buyer is a private investor based in Miami.


Daniel Cunningham



“Park Towers is a rare 10-story apartment building that will provide the new owner with a huge upside in rents, thanks to major renovations that include a refinished pool, upgraded lobby and offices, and remodeling within the units themselves,” says Frydman.

“Easy access to major highways and excellent Interstate 95 exposure will keep tenant demand high and maintain the investment’s income stability.”

Derek Gibbs

“By year’s end, asking rents in the Miami metro are slated to have risen 3.2 percent, with effective rents advancing 4.0 percent; a trend poised to enhance the asset’s upside in years to come,” adds Frydman.

Located at 777 NW 155th Lane in Miami, the 10-story, 198,335-square foot building sits on 5.86 acres. It borders a large canal to the south and is surrounded by other multifamily properties.

Built in 1973 with concrete block, reinforced concrete construction and a painted stucco exterior, Park Towers includes 58 studios, 81 one-bedroom/one-bath units, 43 one-bedroom/one-and-one-half bath units, 18 two-bedroom/two-bath units and four three-bedroom/two-bath units.

The asset’s completely remodeled lobby offers access to its elevators, leasing office, first floor units, pool and recreation room, all of which have been remodeled or renovated.

Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716