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 624-628 Santander Avenue, a 16-unit apartment property located in Coral Gables, FL, according to Scott Lunine, regional manager of the firm’s Miami office. The asset sold for $2,750,000.

Arthur D. Porosoff, an investment specialist in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Arthur D. Porosoff.

The Property is located at 624-628 Santander Avenue in Coral Gables, FL, consists in two two-story buildings with sixteen 1 bed/1 bath units with approximately 800 SF each. Most of the units are under renovation, and average rent is $1,700.00 per month for similar units in the area.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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