Saturday, November 2, 2013

$4.4 Million Sale of 20-Unit Apartment Building in Miami Beach, FL Brokered by Marcus & Millichap


850 Meridian Avenue apartments, Miami Beach, FL

MIAMI BEACH, FL, Nov. 2, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 20-unit, condominium-quality apartment property located in Miami Beach, FL.

Arthur D. Porosoff
 The asset sold for $4,400,000 representing $220,000 per unit and $349 per square foot.

The seller of the property, a developer based in Portugal, was represented by Arthur D. Porosoff, a Vice President Investments in Marcus & Millichap’s Miami office.

“This deal marks one of the highest price-per-unit transactions in the South Beach market and is evident of the increased demand from foreign - and domestic investors alike - for condominium-quality assets renting as apartments,” says Porosoff.

“This was a great opportunity for the buyer to earn a solid return with complete ease of management.  Due to the lack of renovated product in the market, the investor will have the opportunity to increase rents as leases expire.”

The 850 Meridian project commenced with just the non-demolishable, historic art deco concrete block shell. The interior finishes include modern kitchens, hardwood floors and updated modern bathrooms. The property is located steps from Lincoln Road, Ocean Drive and Espanola Way at 850 Meridian Avenue in Miami Beach, FL.

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

Kirk A. Felici
First Vice President/Regional Manager
 Miami, FL
(786) 522-7000

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