Saturday, March 8, 2014

Marcus & Millichap Arranges Sale of 21-Unit Apartment Building in Miami, FL for $3.43 Million

Las Villas Apartments, 626 SW 4th Street, Miami, FL

Victor Pastor

MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Las Villas Apartments, a 21-unit apartment property located in the Little Havana submarket of Miami, FL. The asset sold for $3,430,000 representing $163,333 per unit.

Associates Victor Pastor and Rafael Fermoselle, along with Vice President Investments Arthur D. Porosoff of Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer, a private investor from New York, was also secured and represented by Pastor, Fermoselle and Porosoff.

Arthur D.
“The property sold for a record price per square foot in the little Havana submarket.  Demand for hard assets has surpassed 2006 pricing, but the difference is that there are fundamentals supporting this new wave,” says Porosoff.

The new construction property features covered parking, balconies, patios, and beautiful views of Downtown Miami and the Brickell area.

 The unit-mix is composed of nine one-bedroom/one-bath apartments and 12 two-bedroom/two-bath apartments. All units come equipped with porcelain tile throughout, stainless steel appliances, washer and dryer connections, central air-conditioning and open floor plans.

Las Villas Apartments is located at 626 SW 4th Street in Miami, Florida.

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

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

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