Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Orsi Apartments, a 32-250-square-foot, 37-unit apartment complex located in Miami Springs, Florida. The two-story property, located at 611 Forrest Drive, sold for $7 million or $217.05 per square feet.
“The Freshwater Group did an excellent job executing their investment strategy with the Orsi Apartments, which is a very well-located property in the highly sought-after Miami Springs submarket,” said Felipe Echarte, senior vice president investments. “The buyer intends to reposition the property as they add to their holdings in the Miami Springs market.”
Felipe Echarte, Evan Kristol and Alejandro Gonzalez, investment specialists in Marcus and Millichap’s Fort Lauderdale office sold the property in conjunction with Arthur Porosoff and Javier Ubeda with Compass Real Estate. The buyer was Ram Miami Springs South, LLC, which is a company linked to Rental Asset Management, LLC.
The property is within 5 minutes of The Springs Circle Center and Miami Springs Town Center and less than 10 minutes from Miami International Airport.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
