Press Releases
Marcus & Millichap Brokers $5.8M Sale of Multifamily Asset in Miami
June 02, 2026
MIAMI, June 2, 2026 – 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 Southwinds Apartments, a multifamily property in the Spring Garden Neighborhood of Miami. The asset sold for $5.8 million.
“The sale of Southwinds Apartments shows the resilience of the Miami market and its anticipated future growth through redevelopment,” said Felipe J. Echarte, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. “Marcus & Millichap’s unique platform attracted multiple buyers to compete for Southwinds Apartments.”
Echarte, Evan Kristol and Sofee Desai of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer, both of whom are private investors.
Located at 1177 NW 8th St. Road, the property consists of three two-story buildings with 29 units on a half-acre of land. The unit mix includes 28 one-bedroom apartments and one studio apartment. Built in 1950 and 1962, recent renovations include new roofing, the installation of impact windows and doors, updated piping and interior upgrades to each unit. The property offers future redevelopment potential under current zoning and Florida’s Live Local Act.
It is within walking distance to the Health District and public transportation, including the Metrorail station. The immediate neighborhood is being redeveloped into Highland Park, a $1 billion mixed-use project across five city blocks directly adjacent to Southwinds Apartments. The property is also near Wynwood, downtown Miami, Brickell and Little Havana.
“The sale of Southwinds Apartments shows the resilience of the Miami market and its anticipated future growth through redevelopment,” said Felipe J. Echarte, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office. “Marcus & Millichap’s unique platform attracted multiple buyers to compete for Southwinds Apartments.”
Echarte, Evan Kristol and Sofee Desai of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer, both of whom are private investors.
Located at 1177 NW 8th St. Road, the property consists of three two-story buildings with 29 units on a half-acre of land. The unit mix includes 28 one-bedroom apartments and one studio apartment. Built in 1950 and 1962, recent renovations include new roofing, the installation of impact windows and doors, updated piping and interior upgrades to each unit. The property offers future redevelopment potential under current zoning and Florida’s Live Local Act.
It is within walking distance to the Health District and public transportation, including the Metrorail station. The immediate neighborhood is being redeveloped into Highland Park, a $1 billion mixed-use project across five city blocks directly adjacent to Southwinds Apartments. The property is also near Wynwood, downtown Miami, Brickell and Little Havana.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
