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| Felipe J. Echarte |
MIAMI BEACH, FL, Feb. 24,
2016 – 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 Sapphire
NoBe, a 12-unit, two-story, garden-style multi-family complex in the
Normandy Isle area of Miami Beach.
The asset sold for $1,837,500 representing
$153,125 per unit.
“Normandy Isle is a very
strong rental community with minimal vacancies due to a growing demand in the
area, lack of new product being added to the market and the reduction of
inventory due to buildings being converted to condominiums and short term
rentals,” says Felipe J. Echarte, a
vice president investments in Marcus & Millichap’s Fort Lauderdale office.
“This was a rare opportunity
to acquire a renovated apartment building with condo documents in place in an
absolute AAA location that continues to appreciate and will do so for the
foreseeable future.”
Echarte, Evan P. Kristol, a senior vice president investments, and Harrison Rein, an associate, also in
Marcus & Millichap’s Fort Lauderdale office, represented the seller, a
private investor from Toronto, ON, and the buyer, a limited liability company
from Miami Beach.
Located at 6930 Rue
Vendome in Miami Beach, Sapphire NoBe is just south of Normandy Drive (71st
Street), which becomes John F. Kennedy Causeway and is the main entrance into
the North Beach area from the city of Miami. The neighborhood is on an island
located between North Beach and North Bay Village.
Sapphire NoBe consists of
two studios and 10 one-bedroom/one-bathroom apartments -each with its own
private entrance. The property has been extensively renovated including impact
resistant windows and doors, new railings, landscaping, front entrance with
travertine flooring, and a new roof in 2012.
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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