Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a two-property, 20-unit multifamily portfolio in Miami Beach, Florida.
“We received a number of strong offers for 69th and Abbott Apartments due to Marcus & Millichap’s unique marketing platform which allowed us to access a foreign buyer
who closed on the property in an all-cash transaction,” said Felipe Echarte, senior managing director investments in Marcus & Millichap’s Fort Lauderdale office.
Echarte and Evan Kristol, executive managing director investments, represented the seller.
The multifamily portfolio in Miami Beach comprises two contiguous, two-story buildings at 350 69th Street and 6877 Abbott Avenue. Each property has 10 units with a mix of studios and one-, two- and three-bedroom apartments, averaging 810 square feet. All units have been renovated with impact windows and doors, and most include new kitchens and bathrooms, appliances, air conditioners, flooring, lighting and plumbing fixtures. Exterior upgrades include new landscaping, secured fencing, custom railings and painting.
The North Miami Beach market is undergoing revitalization with the implementation of the Town Center District and other projects that are bringing new residential, retail, dining,
employment and entertainment options to the community.
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.
