Press Releases
Marcus & Millichap Sells 39-Unit Multifamily Property Near FIU's Biscayne Bay Campus for $8.69M
June 03, 2024
NORTH MIAMI BEACH, Fla., June 3, 2024 – 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 Glady’s Apartments, a 39-unit multifamily property in North Miami Beach, Florida. The asset sold for $8,690,000.
"Glady’s Apartments is a very well located, value-add apartment community, as the in place rents are far below market,” says Evan Kristol, executive managing director investments, “Furthermore, the community sits on one acre of land east of US-1, which makes it a prime target for redevelopment.
Evan Kristol, Felipe Echarte and Nicholas McAndrew, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Gould FL 139th, LLC and procured the buyer, The First, LLC.
The multifamily property, built in 1970, is located at 2031 NE 139th St., to the east of Biscayne Boulevard (US-1), making it one of the few rental buildings located east of US-1. This two and three-story property offers a mix of one- and two-bedroom apartments, each featuring a patio or balcony. Nearby national retailers include Publix Supermarket, Costco, and Target. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
"Glady’s Apartments is a very well located, value-add apartment community, as the in place rents are far below market,” says Evan Kristol, executive managing director investments, “Furthermore, the community sits on one acre of land east of US-1, which makes it a prime target for redevelopment.
Evan Kristol, Felipe Echarte and Nicholas McAndrew, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Gould FL 139th, LLC and procured the buyer, The First, LLC.
The multifamily property, built in 1970, is located at 2031 NE 139th St., to the east of Biscayne Boulevard (US-1), making it one of the few rental buildings located east of US-1. This two and three-story property offers a mix of one- and two-bedroom apartments, each featuring a patio or balcony. Nearby national retailers include Publix Supermarket, Costco, and Target. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.
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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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
