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| Virginia Gardens Apartments, Miami, FL |
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| Paul D. Nudelman |
MIAMI, FL, Sept. 23, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Virginia Gardens Apartments, a
66-unit apartment property located in Miami, FL. The asset sold for $6,450,000.
Paul D. Nudelman, a Senior Associate in Marcus &
Millichap’s Miami office, had the exclusive listing to market the property on
behalf of the seller, a limited liability company from Miami, FL.
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| Arthur D. Porosoff |
The buyer, a
developer from Coral Gables, FL was secured and represented by Arthur D.
Porosoff, a Vice President Investments, and Jorge Ruiz, an
Associate, in Marcus & Millichap’s Miami office.
“The buyer will benefit from Virginia Garden Apartments’
location in Coconut Grove, one of the most sought after rental markets in
Miami. The property also has an annual
government HAP contract which pays for the majority (currently 77 percent) of
the tenant's monthly rent. In the rare event that a tenant leaves, applicants
line up for a chance to rent,” says Porosoff.
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| Jorge Ruiz |
Virginia Gardens Apartments is a seven-story multi-family
building consisting of 22 efficiencies, 27 one-bedroom/one-bath units, 16
two-bedroom/two-bath units and one detached efficiency. The property is located in the Coconut Grove
area at 2890 Virginia Street in Miami, FL.
For a complete copy of the company’s news release, please
contact:
Kirk A. Felici
First Vice President/Regional Manager, Miami
(786) 522-7000
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