The properties are located in close proximity to one another and total 150 units.

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 two garden-style apartment communities located in Homestead, Fla. The 150-unit portfolio sold for $8,500,000.

“Due to the lack of available mid-sized apartment complexes in Miami-Dade County, investors are seeking assets outside of the core market. Homestead Gardens was an excellent opportunity for an investor to acquire a stable property in an improving submarket with the potential to add value through renovation and increasing rental income,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office.

Echarte along with 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 partnership from Quebec, Canada, and the buyer, a limited liability company from Sunny Isles Beach, Fla.

Homestead Gardens, located at 15451 SW 288th Street, is a 104-unit, two-story garden style apartment community with six buildings. The unit mix consists of 80 one-bedroom/one-bathroom units and 24 two bedroom/one-bathroom units.

Homestead Gardens II, located at 527 South Flagler Street, is a 46-unit, two-story garden style apartment community with five buildings. The unit mix consists of 10 two-bedroom/one-bathroom units, 30 three-bedroom/one-bathroom units, four four-bedroom/two-bathrooms units and two five-bedroom/two-bathroom units.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com