$14.6 Million Five-Property Multifamily Portfolio Trades Hands in South Florida

  

                    Part of a five-property multifamily portfolio in North Miami, FL

Still Hunter III

NORTH MIAMI, FL, June 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Royal Properties Portfolio, a group of five multifamily properties in North Miami totaling 233 units. The $14,650,000 sales price equates to $62,876 per unit. The five properties are:

• ·         Royal Courtyard, 13020 NE 6th Ave., 24 units
• ·         Royal Village, 13055 NE 6th Ave., 51 units
• ·         Royal Place, 14050 NE 6th Ave., 55 units
• ·         Royal Vista, 400 NE 137th St., 59 units
• ·         Royal Point, 1525 NE 125th St., 44 units

  

Evan P. Kristol

Still Hunter III and Evan P. Kristol, both senior vice presidents investments, and Felipe J. Echarte, vice president investments, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, TCRG North Miami, LLC, managed by CFH Group, LLC.

 Hunter, Kristol and Echarte, along with Mark Thompson, a senior associate in Marcus & Millichap’s Orlando office, represented the buyer.

“The Royal Properties Portfolio includes stabilized, extensively renovated assets in ideal North Miami locations,” says Hunter. 

  “As a result of the strengthening market and the extent of the renovations, the new owner is positioned to enjoy a significant competitive advantage in the marketplace, allowing them to command premium rents and attract quality residents.”

Felipe J. Echarte

 “With the financing options available in today’s low interest rate environment, the properties should offer double-digit cash-on-cash returns from day one with substantial future upside,” adds Kristol.

“The five buildings are located near one another and enjoy outstanding access and proximity to the various attractions, amenities, employment and education opportunities found in the immediate submarket as well as in the rest of South Florida,” concludes Echarte.

The communities were all built between 1964 and 1971 of concrete block with stucco exteriors. Each property received extensive renovations in 2011-2012, including all new appliances in every apartment and new air conditioning units, hot water heaters, countertops and cabinetry in most apartments.

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

Ben Johnson

Marketing Director

(925) 953-1736