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| Biltmore Villas, 416 and 426 Santander Avenue, Coral Gables, FL. |
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| 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.
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| 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.
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| 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.
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| 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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