Miami Waterfront Multifamily Asset Sold by Marcus & Millichap
MIAMI, Aug. 27, 2020 – 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 Hamilton on the Bay, a 28-story, 275-unit apartment tower in Miami’s Edgewater neighborhood.
“Located in a high-density area on the north side of Downtown Miami, Hamilton on the Bay presents new ownership with a cornerstone value-add opportunity,” said Rani Hussami, CCIM, of the Hussami Rockson Group of Marcus & Millichap. “Built in 1984, the property includes two adjacent parcels that allow for 89 buildable units.” Hussami represented the seller and procured the buyer. “Between 2000 and 2018, Edgewater’s population grew 37%, average household income increased 62% and apartment rents continue to show favorable growth,” added Hussami.
Hamilton on the Bay is adjacent to Interstate 195, which provides freeway access in all directions via connections with Interstate 95. Miami World Center, a 30-acre mixed-use development is under construction a mile from the property and Skyrise Miami, Downtown Miami’s newest entertainment center, which is expected to be completed in 2023, is within three miles. The Wynwood Arts District, Midtown Miami, the Design District, Miami Beach and Downtown Miami are all nearby. Midtown’s premier shopping destination, Shops at Midtown Miami is less than a mile away. Hamilton on the Bay’s community amenities include covered parking, a heated pool, a barbecue area that overlooks Miami Bay, a waterscaped lobby with fishponds, a running track, two racquetball courts, and a tennis court.
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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.