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| Evan P. Kristol |
NORTH 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 Soleil Apartments, a
56-unit apartment property located in North Miami, Florida. The asset sold for
$4,900,000 equating to $87,500 per unit.
Evan P. Kristol, a senior vice president investments, Felipe J. Echarte, a vice president investments, Robert S. Hunter, a senior Associate
and Harrison Rein, an associate, 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 Fort Lauderdale, Fla. They also
represented the buyer, a limited liability company from Miami.
"The seller purchased
the Soleil Apartments in 2012 as a distressed asset. They completely
repositioned the property and made extensive capital improvements including the
renovation of all units with tile floors, granite countertops and custom wood
cabinets," says Rein.
"The combination of
renovated units, excellent location just west of Biscayne Boulevard along with
the increasing strength of the North Miami rental market will help the Buyer achieve top of the market
rental rates and maintain high occupancy levels,” adds Echarte.
Soleil Apartments consists
of three two-story buildings developed in 1963 with a unit mix of 16
one-bedroom/one-bathroom units and 40 two-bedroom/one-bathroom units.
The property is located at
1505-1525 NE 135th Street and 1530 NE 136th Street in North Miami.
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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