Press Releases
Marcus & Millichap Closes $12.6M Sale of 32-Unit Multifamily Property in Miami
January 13, 2026
MIAMI, Fla., Jan. 13, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $12.6 million sale of Grove27, a 32-unit multifamily property in Miami, Florida.
“Grove27 presented an attractive opportunity to acquire a well-maintained newer construction asset below replacement cost in the desirable Coral Way submarket of Miami,” said Adam Marcuvitz, Associate Investments. “The property was originally developed as an apartment building but was operating under a master lease with a short-term rental company. We received strong interest, as buyers saw a clear path to upside through repositioning the asset, phasing out the building’s short-term rental model and leasing the property to long-term tenants.”
Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Jonathan Karlik, of Global One Investment Group LLC.
Located at 1710 SW 27th Ave., the eight-story property was completed in 2019 and features residences with an average size of 984 square feet. The building includes a mix of one-, two- and three-bedroom units, each with a private balcony, in-unit washers and dryers, a sixth-floor outdoor terrace and a two-level parking garage with 51 spaces. The property is minutes from Coconut Grove, Coral Gables and Brickell, with convenient access to U.S. Route 1 and Interstate 95.
“Grove27 presented an attractive opportunity to acquire a well-maintained newer construction asset below replacement cost in the desirable Coral Way submarket of Miami,” said Adam Marcuvitz, Associate Investments. “The property was originally developed as an apartment building but was operating under a master lease with a short-term rental company. We received strong interest, as buyers saw a clear path to upside through repositioning the asset, phasing out the building’s short-term rental model and leasing the property to long-term tenants.”
Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Jonathan Karlik, of Global One Investment Group LLC.
Located at 1710 SW 27th Ave., the eight-story property was completed in 2019 and features residences with an average size of 984 square feet. The building includes a mix of one-, two- and three-bedroom units, each with a private balcony, in-unit washers and dryers, a sixth-floor outdoor terrace and a two-level parking garage with 51 spaces. The property is minutes from Coconut Grove, Coral Gables and Brickell, with convenient access to U.S. Route 1 and Interstate 95.
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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.
