$22.45 Million Multifamily Asset Trades Hands in Miami
MIAMI, July 31, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Summer Grove Apartments, a 116-unit apartment property in Miami. The asset sold for $22,450,000, which equates to $193,534 per unit.
“The sales price for this 1970s-1980s-vintage property is a testament to the quality of the asset and the overwhelming demand within the submarket,” stated Joseph P. Thomas, senior vice president investments in Marcus & Millichap’s Miami office. “The seller owned and operated Summer Grove for more than 35 years and their decision to sell was driven in a large part by the ownership lifecycle and current market conditions. Our marketing process yielded many competitive offers from local, national and international buyers.” Thomas, along with Adam G. Duncan, first vice president investments, and Brett McMahon and Elliot Blasser, associates, had the exclusive listing to market the property on behalf of the seller, a personal trust. The buyer, also a personal trust, was secured and represented by Jonathan De La Rosa, vice president investments, Eduardo Toledo, associate, and Jorge Ruiz, senior associate.
The property’s location at 10331 SW 24th St. in Miami provides residents with access to major thoroughfares such as the Tamiami Trail, the Florida Turnpike, the Dolphin Expressway and the Palmetto Expressway, Florida State Road 826. Summer Grove consists of 12 two-story apartment buildings encompassing more than 93,000 rentable square feet and five acres of land.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.