Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced that it has been exclusively engaged to market for sale Pinebrook Apartments, a 309-unit villa-style apartment community in the South Kendall submarket of Miami, Florida. The listing price is $41 million.
“Located within one of the nation’s strongest multifamily markets, Pinebrook Apartments historically operates at more than 98 percent occupancy and has very little annual turnover,” says Evan Kristol, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.
Kristol and Felipe Echarte, first vice president investments, are representing the seller, aFlorida limited partnership that has owned the property for more than 25 years.
“Pinebrook Apartments is the low cost provider in the submarket with an average in-place rent in excess of $300 below the next most comparable property,” adds Echarte. “The asset offers an excellent value-add opportunity through a capital improvement program and by bringing rents to market levels as leases renew.”
“The owners have meticulously maintained the property throughout their ownership and have invested approximately $3 million in capital improvements over the last several years,” concludes Kristol. “Upgrades include all new roofs, parking lots and Hardie-board exteriors.”
Built in 1987, the property is located on a 15.5-acre site with frontage on SW 137th Avenue, one of the busiest north-south arteries in Miami-Dade County. Access to Florida’s Turnpike is two miles away and Downtown Miami and Miami International Airport are within a 30-minute drive. A Publix-anchored shopping center and a center anchored by Sedano’s are within walking distance. A Walgreens, a CVS, a Navarro Pharmacy and many restaurants, banks and shopping venues are nearby. A new mixed-use development with an LA Fitness, Walmart, Panera Bread, Chick-fil-A and 600 luxury residential units in the early stages of development is adjacent.
Pinebrook Apartments is composed of all one-story units featuring studio and one- and two-bedroom floor plans that range from 288 square feet to 864 square feet. Unit amenities include private entrances, fenced-in patios and built-in floor-to-ceiling bookcases. There are four community laundry and mail centers and parking for residents and guests is abundant.
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
