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 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.

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