Marcus & Millichap arranges the sale of a 23-unit apartment building in North Miami
NORTH MIAMI, Fla., March 5, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Townhouse Manor, a 23-unit apartment property located in North Miami, Fla., according to Ryan Nee, first vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $3,650,000.
“Townhouse Manor has been under previous ownership for almost 25 years and is in a very unique location, with very little rental competition,” said Felipe J. Echarte, senior vice president of investments in Marcus & Millichap’s Fort Lauderdale office. “This gives the Buyer an excellent opportunity to reposition and add value to the property through renovation and new management.”
Townhouse Manor is located at 2345 NE 135th St in North Miami. The property has recently received several upgrades including impact resistant windows and sliding glass doors and approximately 35 percent of the units have been renovated with new kitchens, bathrooms and appliances.
Echarte, Evan P. Kristol, executive managing director of investments, and Nicholas McAndrew, associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and represented the buyer, a private investor.