Saturday, May 16, 2015

Marcus & Millichap Brokers Sale of 13 Apartment Units in North Miami, FL for $2.75 Million


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.

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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