Marcus & Millichap sells 39-unit apartment property near SoLé Mia development for $7 million

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Glady's Apartments in North Miami Beach
Marcus & Millichap announced the sale of Glady's Apartments in North Miami Beach, a 39-unit apartment property located in North Miami Beach, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Glady’s Apartments in North Miami Beach, a 39-unit apartment property located in North Miami Beach, Florida. The asset sold for $7,000,000.

First Vice President Jonathan De La Rosa and Associate Eduardo Toledo in Marcus & Millichap’s Miami officehad the exclusive listing to market the property on behalf of the seller, a private investor. Toledo and De La Rosa also procured the buyer, a limited liability company.

“The sale ultimately ended up closing at list price with multiple competitive offers from local and out-of-state buyers. This property is unique because of its location on the East side of Biscayne Blvd in a pocket of North Miami Beach that rarely sees properties trade hands,” said Toledo. “Investors were attracted to the area because of the new developments in the pipeline, most notably the $4 billion SoLé Mia led by Turnberry Associates & LeFrak Organization, which is within walking distance.”

Glady’s Apartments in North Miami Beach is located at 2031 NE 139th Street in North Miami Beach, Florida. The current ownership developed the property in 1970 and has operated the property since. It is the first time the property has been offered for sale. Glady’s Apartments is strategically located blocks away from SoLé Mia.

SoLé Mia is poised to become South Florida’s next iconic neighborhood. The development will consist of a $4 billion-dollar, mixed-use development with 12 residential towers and 500,000-square-feet of retail and commercial space. The project will be surrounded by South Florida’s first 7-acre swimmable crystal lagoon.