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| Rendering of Ardmore Apartments, 6755 Harding Avenue, Miami Beach, FL |
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| Felipe Echarte |
MIAMI BEACH, FL, April 18,
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 Ardmore
Apartments, a 30-unit apartment property located in Miami Beach, according
to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset
sold for $4,800,000 equating to $160,000 per unit.
“The North Beach
multi-family market continues to draw investors from around the country who are
looking for opportunities to add value,” says Felipe J. Echarte, a first vice president investments in Marcus
& Millichap’s Fort Lauderdale office.
“The buyer of Ardmore
Apartments will not only benefit from the potential to increase revenue at the
property but also from continued asset appreciation in the immediate area.
"Also, the property's flexible CD-2 zoning affords the opportunity for the
investor to find alternative uses for the property other than the current use
as a long-term rental project.”
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| Evan P. Kristol |
Echarte along with Evan P. Kristol, a senior vice
president investments, and Harrison
Rein, an associate, also 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 Plantation, Fla. The buyer was a limited liability company
from Miami Beach.
Built in 1953 on a 0.38
acre lot, Ardmore Apartments is comprised of 18 studios and 12
one-bedroom/one-bathroom units. The
units feature large shared overhang porches that overlook the property’s garden
and courtyard.
Ardmore Apartments is
located two blocks from the Atlantic Ocean and a few blocks south of 71st
Street, which is a main east/west corridor that runs from the beach to Hialeah.
The property is located at 6755 Harding Avenue.
For a complete copy of the company’s news release,
please contact:
Ryan Nee
Vice President / Regional
Manager,
Fort Lauderdale, FL
(954) 245-3400
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