The two-story property, built in 1971, comprises a unit mix of studios, one-, and two-bedroom units, with ample parking, on-site laundry facilities, and a swimming pool.
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Memorial Highway Apartments, in Miami, Florida for $9,750,000.
“Through Marcus & Millichap’s unique platform, we were able to attract buyers from all over the country to compete for the Memorial Highway Apartments. It was ultimately a local, first-time buyer who successfully closed on the transaction. We congratulate the seller on a successful investment and wish the buyer luck with this asset,” said Felipe Echarte, senior vice president investments.
Echarte, Evan Kristol, and Nicholas McAndrew, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller and secured the buyer, a private investor.
Located at 15201 Memorial Highway, the 36,050-square-foot, 57-unit multifamily building is situated between North Miami and North Miami Beach, in the Biscayne Gardens neighborhood.
The property is near Florida International University’s Biscayne Bay campus, Barry University, and just one mile from Jackson North Medical Center. Approximately 10 miles north of Downtown Miami sits Biscayne Gardens East, a large suburb with versatile rental options ranging from studio apartments to condos. Commuters appreciate the area’s close proximity to Interstate 95, which forms the western border of the neighborhood. A quick eight-mile drive to the east takes locals to the beautiful shores of Haulover Beach.
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, 2023, the company had 1,783 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
