Friday, October 11, 2013

$4.6 Million Sale of 30-Unit Biltmore Villas in Coral Gables, FL Brokered by Marcus & Millichap


Biltmore Villas416 and 426 Santander Avenue, Coral Gables, FL.


Still Hunter III
CORAL GABLES, FL, Oct, 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Biltmore Villas, a 30-unit apartment property located in Coral Gables, FL. The asset sold for $4,579,500 representing $152,650 per unit.

Evan P. Kristol and Still Hunter III, Senior Vice President Investments, and Felipe J. Echarte and Joseph P. Thomas, Vice President Investments, all in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York, NY.  


Evan P. Kristol
The buyer was a limited liability company with principals from South America.

“Biltmore Villas generated substantial interest due to its prime location, along with its unique, attractive unit mix.  Ultimately, the property closed with new financing in less than 60 days at $256 per square foot,” says Thomas.

Felipe J. Echarte
“Much of the interest we received was from foreign investors and ultimately the buyer of the property was from South America,”  adds Echarte..

“Miami-Dade, and in particular Coral Gables, continues to cement its position as a safe haven for Latin American and European capital as many foreign buyers are acquiring multi-family properties in quality locations.

Joseph P. Thomas
“As the number of Latin American-based companies who choose to make Miami their headquarters increases, it is expected that the apartment market will see even more growth and velocity.”

Biltmore Villas consists of two buildings containing 13 one-bedroom/one-bathroom single-level units, 12 townhouse style units and five two-bedroom/one-bathroom units.

The property is located in the highly desirable Biltmore section of Coral Gables.  Biltmore Villas is located at 416 and 426 Santander Avenue in Coral Gables, FL.

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

Gregory Matus
Regional Manager
Vice President
Fort Lauderdale, FL
(954) 245-3400

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