Monday, March 10, 2014

Marcus & Millichap Brokers $3.68 Million Sale of 60-unit Biscayne Gardens Apartments in Miami, FL


Biscayne Gardens Apartments, 15390 NE 6th Avenue, Miami, FL

Evan P. Kristol
MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Biscayne Gardens Apartments, a 60-unit apartment property located in Miami, FL. The asset sold for $3,684,000.

Evan P. Kristol, a Senior Vice President Investments, and Felipe J. Echarte, a Vice President Investments, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boynton Beach, FL. 

The buyer, a private investor from Coral Gables, FL, was also secured and represented by Kristol and Echarte.

“This was an opportunity for an established, local investor to acquire a well-maintained building with an attractive unit mix at a favorable interest rate,” says Echarte.

“Through strong management, the buyer can increase cash flow with the potential for long term appreciation.

Felipe J. Echarte
“The North Miami/North Miami Beach submarkets have experienced a tremendous recovery over the last two years. The vacancy rates have improved from 15 percent to less than 5 percent today and rental rates continue to increase.”

The Biscayne Garden Apartments is a 60-unit apartment building located in Unincorporated Miami-Dade County between North Miami and North Miami Beach.

The property consists of 21 one-bedroom/one-bathroom units and 39 two-bedroom/ one and a half bathroom units. The building has undergone many recent capital improvements including renovations to some of the units, elevators and parking lot.

Biscayne Gardens Apartments is located at 15390 NE 6th Avenue in Miami, FL.
  
For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager, Ft. Lauderdale
(954) 245-3400


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