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| Carmel Apartments, 16700-16701 NE 21st Avenue, North Miami Beach, FL. |
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| Evan P. Kristol |
NORTH MIAMI BEACH, FL, Oct. 11, 2013 – Marcus &
Millichap Real Estate Investment Services, the nation’s largest real estate
investment services firm, has announced the sale of Carmel Apartments, a
51-unit apartment property located in North Miami Beach, FL. The asset sold for
$3,150,000 representing $61,765 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 private investor from Miami.
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| Felipe J. Echarte |
Kristol, Hunter, Echarte and Thomas as well as Harrison
Rein, an investment associate in the Miami office, represented the buyer, a
limited liability company from Miami.
“The immediate neighborhood, which is north of NE 163rd
Street and west of Biscayne Boulevard in North Miami Beach, is a strong rental
market due to its close proximity to Aventura and a lack of new inventory
coming to the market,” says Echarte.
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| Joseph P. Thomas |
“Because of the strong economic drivers surrounding the
area, rental rates and occupancy levels in North Miami Beach should continue to
rise. This particular deal is an added-value opportunity as the investor plans
to renovate the units and repair the deferred maintenance items to improve the
rental income and the quality of the tenant base.”
Carmel Apartments consists of two three-story buildings with
a total of 51 units. The unit mix is made up of 33 one-bedroom/one-bath units
and 18 two-bedroom/two-bath units.
The property is
located within close proximity to the Golden Glades Interchange where I-95,
Florida’s Turnpike and the Palmetto Expressway meet. Carmel Apartments is
located at 16700-16701 NE 21st Avenue in North Miami Beach, 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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