Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 27-unit apartment portfolio located in North Miami Beach, Florida. The assets sold for $4,850,000.
“The sale of the North Miami Beach portfolio is another example of the continued strength of the South Florida multifamily market,” said Daniel Cunningham, first vice president investments. “Our team has transacted with the seller several times over the last few years, and the sale of this portfolio will assist them as they transition into larger properties,” added Evan Richardson, first vice president investments.
Cunningham, Richardson, Dillon Majeski, and River Rhoads, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor.
The portfolio is located at 2030 NE 162nd St. and is easily accessible from Biscayne Boulevard and Interstate 95. Major economic drivers in the area include SAE Institute Miami, Nova Southeastern University’s North Miami Campus, Florida International University Biscayne Bay Campus, and Sunny Isles Beach.
The property is comprised of three parcels in an opportunity zone totaling 1.12 acres and offers new ownership a future redevelopment opportunity taking advantage of the tax benefits the zoning offers.
