Marcus & Millichap sells 34-Unit Coral Gables, FL Apartment Portfolio for $4.28 Million

Landy Toledo

MIAMI, FL, Aug. 7, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a five property portfolio consisting of 34 units, located in Coral Gables, FL. The portfolio sold for $4,282,700.

Landy Toledo, a Senior Broker Associate in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Aventura, FL.

 He also secured the buyer, a limited liability company from Coral Gables, FL. Toledo, who joined Marcus & Millichap three years ago, has closed on the sale of 31 Coral Gables apartment buildings in the past 30 months.

The City of Coral Gables is one of Miami-Dade County's most desirable and highest performing rental markets. "Debt and equity continue to stream into the Miami-Dade apartment sector from local sources and out-of-area buyers attracted to solid asset performance and robust housing demand generators.

101 Antiquera Avenue, Coral Gables, FL

 The activity in Miami-Dade is dominated by sales of lower tier assets selling from $1 million to $10 million. The greater availability of financing is also bringing more buyers into the market,” says Toledo.

“This portfolio offered an outstanding opportunity for an investor to acquire stable, cash-flowing multifamily properties in an excellent location with upside potential through rent escalation and more efficient management,” he adds.

The portfolio is comprised of 28 one-bedroom/one-bath apartments and six studio/one-bath apartments. The properties are located within a short walk of the central business districts office corridor and Miracle Mile, a high-end shopping and restaurant area.

The addresses of the Coral Gables properties are:

·         101 Antiquera Avenue (12 units)

·         119 Santillane Avenue (6 units)

·         123 Santillane Avenue (4 units)

·         127 Santillane Avenue (4 units)

·         130 Santillane Avenue (8 units)

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

Kirk Felici

First Vice President/Regional Manager, Miami

(786) 522-7000