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| Felipe J. Echarte |
NORTH MIAMI BEACH, 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 Carmel Apartments, a
51-unit apartment property located in North Miami Beach, Fla.
The asset sold for
$4,700,000 equating to $92,157 per unit.
Felipe J. Echarte, a vice president investments, Harrison
Rein, an associate, and Evan P.
Kristol, a senior vice president investments, all in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company from Aventura,
Fla.
“The seller purchased the
property in 2013 and made extensive capital improvements including the
renovation of 15 units with tile floors, granite countertops and custom wood
cabinets,” says Rein.
“These renovations along with the increasing strength of the North Miami Beach rental market helped the Seller achieve an excellent premium over the previous sales price.”
“These renovations along with the increasing strength of the North Miami Beach rental market helped the Seller achieve an excellent premium over the previous sales price.”
Carmel Apartments consists
of two three-story buildings developed in 1966 and 1967 with a unit mix of 33
one-bedroom/one-bathroom units, one two-bedroom/one-bathroom unit and 17
two-bedroom/two-bathroom units.
“The Buyer was in a 1031
exchange and we were able to assist them in moving their equity from a 10 unit
building in Miami Beach to a 51 unit building in North Miami Beach,” adds
Echarte.
The property is located at
16700 and 16701 NE 21st Avenue in North Miami Beach.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Regional Manager, Fort
Lauderdale, FL
(954) 245-3400
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