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 a 27-unit apartment portfolio located in North Miami Beach, Florida. The assets sold for $4,850,000.
“The sale of the North Miami Beach portfolio is another example of the continued strength of the South Florida multifamily market,” said Daniel Cunningham, first vice president investments. “Our team has transacted with the seller several times over the last few years, and the sale of this portfolio will assist them as they transition into larger properties,” added Evan Richardson, first vice president investments.
Cunningham, Richardson, Dillon Majeski, and River Rhoads, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.
The portfolio is located at 2030 NE 162nd St. and is easily accessible from Biscayne Boulevard and Interstate 95. Major economic drivers in the area include SAE Institute Miami, Nova Southeastern University’s North Miami Campus, Florida International University Biscayne Bay Campus, and Sunny Isles Beach.
The property is comprised of three parcels in an opportunity zone totaling 1.12 acres and offers new ownership a future redevelopment opportunity taking advantage of the tax benefits the zoning offers.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
