Sunday, March 30, 2014

Largest Contiguous Assemblage of Multifamily Properties off Lincoln Road in South Beach, FL Hits the Market for $15 Million

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.

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.

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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