Saturday, May 24, 2014

Marcus & Millichap Arranges Sale of 42-Unit Apartment Building in Coral Gables, FL for $6.28 Million


Capri Apartments, 800--801 Capri Street, Coral Gables, FL
CORAL GABLES, FL -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Capri Apartments, a 42-unit apartment property located in Coral Gables, FL. The asset sold for $6,281,000 which represents $149,548 per unit.

Arthur D. Porosoff, a vice president investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a New York-based private investor.  The buyer, a fund manager in New York, was also secured and represented by Porosoff. 

“The city of Coral Gables is one of Miami-Dade County’s most desirable rental markets,” says Porosoff.

Arthur D. Porosoff
“ In close proximity to downtown Miami, it offers a ‘city within a city’ feel. Residents are attracted to its entertainment, fine dining, luxury shopping, public parks, excellent school districts and growing financial district.

“ Strong property operations and inflows of local and foreign capital will continue to sustain Coral Gables’ active and liquid investment market.”

Porosoff has sold 23 Coral Gables apartment buildings in the last three years.

Built in 1969, Capri Apartments consists of 42 units in two separate, four-story buildings. 

The community is comprised of an attractive mix of two studio/ one-bath apartments, 10 one-bedroom/one-bath apartments and 30 two-bedroom/ two-bath apartments.

 Capri Apartments is located on the south side of SW 8th Street and just east of Granada Boulevard at 800-801 Capri Street in Coral Gables, FL.


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

Ashley Steele


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