Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Silver Cove Apartments, an 18-unit multifamily property in Miami, Florida.
Joseph P. Thomas, Alec Demetriou and Adam Marcuvitz, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller in the transaction.
“Silver Cove’s location and quality attracted a number of qualified buyers within a very short timeframe,” said Marcuvitz, associate. “Following a competitive bidding
process, the seller selected a full-price, all-cash offer, and the transaction closed in approximately 45 days,” added Thomas, senior managing director.
Built in 2021, Silver Cove Apartments is a four-story, 33,424-square-foot building at 2010 Southwest 25th Terrace. The property has gated parking and a mix of large two- and three-bedroom units, all with private balconies, contemporary finishes and in-unit washers and dryers. Positioned between Coconut Grove and Coral Way, the property is near downtown Miami, Brickell and the University of Miami. The area has seen nearly 10% population growth since 2010 and boasts an average household income of $127,647 within one-mile.
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.
