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| 12401 NE 16th Avenue Apartments, 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 12401 NE 16th
Avenue, a 68-unit apartment property located in North Miami, Fla. The asset
sold for $4,300,000 equating to $63,235 per unit.
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| Felipe J. Echarte |
Felipe J. Echarte, a vice president investments, Evan
P. Kristol, a senior vice president investments, and Harrison Rein, an associate, in Marcus & Millichap’s Fort
Lauderdale office, represented the seller, a partnership from Westmount,
Quebec, Canada. The buyer is a limited
liability company from Miami.
The community was built in
1968 of concrete block and painted stucco exterior. The property is located adjacent to the
Johnson Wales University, North Miami Campus near the intersection of NE 123rd
Street and Biscayne Boulevard.
“This is an excellent
opportunity for the Buyer to reposition this asset by renovating the units and
common areas and bringing the rents to market levels,” says Kristol.
“Due to the unique
location and the potential to increase value through renovation, we were able
to create an auction like atmosphere with the Buyers to put the seller in a
position to pick the most probable investor for this transaction,” adds
Echarte.
The Property is located at
12401 NE 16th Avenue in North Miami, Fla.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Regional Manager, Fort
Lauderdale
(954) 245-3400
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