Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Holly House Apartments in Miami, Florida. The property sold for $9,762,500.
“The Holly House Apartments are an excellent value-add opportunity for the new owner,” said Felipe Echarte, senior vice president of investments. “Marcus & Millichap sold the property in collaboration with an outside broker.”
Echarte, Evan Kristol, and Nicholas McAndrew, investment specialists in Marcus & Millichap’s Fort Lauderdale office, procured the buyer, a private investor.
Built in 1968, Holly House Apartments is a gated three-story, 57-unit apartment building and spans 45,396 square feet. The property is comprised of one- and two-bedroom units averaging 700 square feet. The complex features a pool, courtyard, laundry room, and ample on-site parking. It is in close proximity to Barry University.
Marcus & Millichap, Inc. (NYSE: MMI) 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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
