$4.8 million sale of 30-unit apartment building in Miami beach, fl arranged by marcus & millichap

Rendering of Ardmore Apartments, 6755 Harding Avenue, Miami Beach, FL

 

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.”

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