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