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| Chateaux Gardens Townhomes, 11810 NE 19th Drive San Souci Submarket, North Miami, FL |
NORTH MIAMI, FL – 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 13 units in Chateaux Gardens Townhomes, a 14-unit townhome
community located in the highly desirable San Souci submarket of North Miami,
Fla. The asset sold for $2,750,000 equating to $211,538 per unit.
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| Arthur D. Porosoff |
Arthur D. Porosoff,
a vice president investments, and David
M Cohen, an associate, in Marcus & Millichap’s Miami office, had the
exclusive listing to market the property on behalf of the seller, a private
investor from North Miami.
Porosoff also
represented the buyer, a private investor from Bay Harbor Islands, Fla.
“This was a tremendous opportunity to purchase a property
with strong ‘in place’ cash flow and continue to operate it as rentals or to
sell the individual condominium units at a premium,” says Porosoff.
“The area
is densely built out with limited availability for new development and there are
a limited amount of buildings offering three-bedroom apartments.”
Built in 1995, Chateaux Gardens Townhomes is situated on a
38,948-square foot site and consists of two two-story buildings totaling 14
units. The offering consisted of 13 spacious three-bedroom/two-bath townhomes.
Each unit is two-story and approximately 1,570 square feet under air.
Chateaux Gardens Townhomes is located at 11810 NE 19th Drive
in North Miami, Fla.
For a complete copy
of the company’s news release, please contact:
Kirk A. Felici
First Vice President/District Manager
Miami, FL
(786) 522-7000
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