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| Evan P. Kristol |
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 a 66-unit apartment portfolio
located in the Overtown submarket of Miami, according to Ryan Nee,
regional manager of the firm’s Fort Lauderdale office.
The asset sold for
$3,533,000 equating to $53,530 per unit.
Evan P. Kristol senior vice presidents investments, Felipe
J. Echarte, a vice president investments, and Alejandro Gonzalez, an
associate, in Marcus & Millichap’s Fort Lauderdale office, represented the
seller, a limited liability company from Miami, Fla and the buyer, a private
investor from Miami as well.
The subject property is a portfolio of three buildings
totaling 66 units, located in the Overtown area of Miami. The buildings were constructed between 1949
and 1957. The unit mix is comprised of
54 one-bedroom/one-bathroom apartments and 12 two-bedroom/one-bathroom
apartments.
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| Felipe J. Echarte |
“Stable assets in working-class neighborhoods with supply
constraints retain favor among more risk-averse investors,” says Gonzalez.
“This was a great opportunity to capitalize on a stabilized portfolio of
well-maintained properties with an annual renewing HUD contract.
"We generated
six offers from a substantial pool of interested investors including in-state
and out-of-state investors.”
The properties offer convenient access to major traffic arteries
such as Interstate 95, the Dolphin Expressway, Biscayne Boulevard and Flagler
Street.
The buildings are located at 149 NW 11th Street, 1201 NW 2nd Avenue and
1232 NW 1ST Place in Miami.
For more information on the company, please
contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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