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| Lincoln Palms Apartments Portfolio, 1600 Meridian Avenue, South Beach, Miami Beach, FL |
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| Arthur Porosoff |
MIAMI, 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 Lincoln Palms, a
portfolio of five multifamily parcels totaling 66 units located off Lincoln
Road in Miami Beach, Fla.
The portfolio sold
for $14,940,000, which equates to $226,364 per unit.
Arthur
Porosoff, vice president investments in Marcus & Millichap’s Miami
office, represented the seller, a private investor from New York.
Joseph P. Thomas, vice president investments, and Frank
Fausone, associate, both in the firm’s Fort Lauderdale office, secured the
buyer, a private investor from Miami.
“The Lincoln Palms Portfolio was an opportunity to purchase
a property with ‘in- place’ cash flow and continue to operate it as an
apartment building in Miami-Dade County’s highest appreciating submarket,” says
Porosoff.
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| Joseph P. Thomas |
“The portfolio’s excellent location, below-market rents and
capital improvement possibilities provide many revenue enhancement
opportunities,” adds Thomas.
Located at 1600 Meridian Avenue in Miami Beach, Fla.,
the properties are situated on an over one-acre lot in South Beach just steps
from Lincoln Road.
Lincoln Palms consists of five two-story garden-style
buildings totaling 66 units.
The community comprises 35 studios, 28 one-bedroom
apartments, two two-bedroom apartments and one four-bedroom townhouse.
Apartments
feature ceramic tile and solid oak wood flooring, wall air-conditioning units
and walk-in closets.
Some units feature private patios or balconies. All five
buildings have a connected courtyard that offers multiple sitting areas and
bicycle racks for residents.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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