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| Lincoln Palms Portfolio, Located at 1600 Meridian Ave., 1608 Meridian Ave., 1607 Jefferson Ave., 1615 Jefferson Ave. and 827 16th Ave. in South Miami Beach, Fla. |
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| Arthur Porosoff |
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced it has received the exclusive listing for
the Lincoln Palms Portfolio, five multifamily properties totaling 66
units in Miami Beach, Fla. The portfolio is priced at $15 million.
Arthur
Porosoff, a vice president investments in Marcus & Millichap’s Miami
office who specializes in the sale of Miami Beach multifamily buildings, is
representing the seller, a private investor based in New York.
“The Lincoln Palms Portfolio presents investors with an
opportunity to purchase an apartment portfolio with ‘in-place’ cash flow in
Miami-Dade County’s highest appreciating submarket,” says Porosoff.
“The portfolio’s below-market rents and capital improvement
possibilities will provide the new owner with revenue enhancement
opportunities. Depending on the investor’s business plan, a potential exit
strategy includes correctly timed conversion to condominiums,” adds Porosoff.
Located at 1600 Meridian Ave., 1608 Meridian Ave., 1607
Jefferson Ave., 1615 Jefferson Ave. and 827 16th Ave. in Miami Beach, Fla.,
the portfolio is situated on an over-an-acre lot in South Beach just steps from
Lincoln Road.
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| South Beach, FL Night Skyline |
The two-story garden-style buildings feature a total of 35
studios, 28 one-bedroom apartments, two two-bedroom apartments and one
four-bedroom townhouse.
Apartments feature
ceramic tile and solid oak wood flooring, wall air conditioning units and
walk-in closets. Some units feature private patios or balconies.
All five
buildings have a connected courtyard that offers multiple sitting areas and
bicycle racks.
Gina Relva
Public Relations Manager
(925) 953-1716
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