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| Arthur D. Porosoff |
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 500 NE 78th Street and 522
NE 78th Street, two apartment properties located south of the affluent
waterfront community of Miami Shores. The 43-unit portfolio sold $4,150,000.
“Across the street from the
redevelopment of the Immigration building, these properties offered an
excellent opportunity for investors to acquire a multifamily property with
upside income potential by re-purposing the buildings and increasing its
rents,” says Vicente Rodriguez,
associate in Marcus & Millichap.
The buyer, a limited
liability company, was secured and represented by Rodriguez and Arthur D. Porosoff, vice president
investments in Marcus & Millichap’s Miami office.
500 NE 78th Street
consists of one two-bedroom/one-bathroom unit, seven one-bedroom/one-bath
units, 14 studios and one efficiency. 522 NE 78th Street consists of three,
two-story buildings with 20 one-bedroom/one-bathroom units. In total, the
buildings offer approximately 19,526 rentable square feet.
On the opposite side of
79th Street the Triton Center, formerly Immigration Tower, is being revitalized
into a Hilton Garden Inn with 325 apartment suites and approximately
25,000-square feet of rentable commercial space. Popular areas surrounding the
assets include Aventura, Miami Shores, and the Design District.
For a complete copy of the company’s news release,
please contact:
Kirk A. Felici
First Vice
President/Regional Manager
Miami, FL
(786) 522-7000
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