Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Cabana Club Apartments, a 332-unit Section 42 Low Income Housing Tax Credit community for seniors in Cutler Bay, Florida. The $30 million sales price represents more than $90,000 per unit.

“One of the few affordable seniors housing high-rises in Miami, Cabana Club Apartments was acquired by a national low income housing preservation real estate group and will remain affordable housing for seniors,” says Evan P. Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office. “The buyer owns and operates affordable housing facilities across the United States and plans to invest significantly in Cabana Club.”

Kristol and Felipe Echarte,first vice president investments, represented the seller, a New York-based investment group, and procured the buyer.

“Significant rent growth in the Cutler Bay submarket has recently made numerous value-add opportunity trades possible,” comments Echarte. “In the face of a diminishing supply of affordable housing, this transaction will provide eligible seniors with low-cost rental units for many years to come.”

About Marcus & Millichap (NYSE: MMI)

With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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