Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Morningside Bay Apartments, a 24-unit mid-rise apartment building in Miami, Florida.
“The transfer of this property, after more than four decades, reaffirms the significant value placed on legacy assets within Miami-Dade,” said Nicholas McAndrew, senior associate. “A local investor, seeking to expand their already successful portfolio, recognized this acquisition as a strategic opportunity for both preservation and growth.”
McAndrew, Evan P. Kristol and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, exclusively marketed the property on behalf of the seller and procured the buyer, both local private owners.
Located at 5995 Biscayne Boulevard, Morningside Bay Apartments is a seven-story building constructed in 1974 on a 0.44-acre lot in Miami’s Upper East Side. The property has spacious floor plans, private balconies, hurricane-impact windows, and gated parking. Recent capital improvements include a new roof, exterior upgrades, and security enhancements.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
