Marcus & Millichap announces sale of multifamily asset in Miami Beach for $6.8 million

260
Villas at Normandy Isle
Marcus & Millichap announced the sale of The Villas at Normandy Isle, located in 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 The Villas at Normandy Isle, located at 1971-1985 Bay Drive in Miami Beach, Florida. The two-story, 24-unit apartment property sold for $6,800,000.

Joseph P. Thomas, Adam G. Duncan, Alec Demetriou, Eduardo Toledo, Jonathan De La Rosa, Marisol Hernandez, and AJ Stanford, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company.  The undisclosed buyer was procured by Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office.

Originally built in 1938, the 2-building property was completely renovated in 2021 to include hurricane-resistant impact windows and doors, new roofs, air conditioning units and interior modernization inclusive of custom cabinets, quartz countertops, porcelain floors, stackable washer/dryers, and luxurious finishes. According to the Miami-Dade Property Advisor, the property consists of 16,365-square-feet on a 21,790-square-foot lot (0.50-acres).

The Villas at Normandy Isle features a unit mix of (4) one-bedroom/one-bathroom apartments and (20) two-bedroom/one-bathroom apartments. The property is situated on Normandy Isles, just east of North Bay Village, west of North Beach and south/southwest of Surfside, Bal Harbour, Bay Harbor Islands and Sunny Isles.