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 Seville Apartments, a 27-unit apartment property located in North Miami Beach, Fla. The asset sold for $2,450,000.
“The buyer will benefit from the property’s extensively renovated units and recent capital improvements to the exterior of the property,” says Felipe J. Echarte, a vice president investments in Marcus & Millichap’s Fort Lauderdale office. “In addition rental rates and occupancies in the North Miami Beach rental market have improved tremendously over the last few years. This is due to the lack of new inventory and North Miami Beach’s vicinity to Aventura, Sunny Isles and the major thoroughfares of Biscayne Boulevard and North Miami Beach Boulevard.”
Echarte along with Evan P. Kristol, a senior vice president investments, and Harrison E. Rein, an associate, also in Marcus & Millichap’s Fort Lauderdale office, represented the seller and buyer in the transaction.
Seville Apartments is a 27-unit apartment building located on a 0.62 acre lot. The three-story apartment community consists of 12 one-bedroom/one-bathroom units, three two-bedroom/one-bathroom units and 12 two-bedroom/two-bathroom units. Located at 16030 NE 19th Court Northeast 19th Court, the property is several blocks west of Biscayne Boulevard (US-1) and just south of Northeast 163rd Street, which are two of the busiest commercial corridors in northern Miami-Dade County.
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
