Coral Gables, Fla., July 14, 2022 – Marcus & Millichap (NYSE: MMI) announced today the sale of 300 Majorca Avenue, a “boutique” 17-unit apartment building, constructed by Coral Gables based T. A. Builders. The property sold for $8.5 million ($500,000 per unit) or $320.19 per rentable square foot on the 0.33-acre site.

“This sale reflects the continued interest in the Coral Gables multifamily submarket by well-experienced investors,” said Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office. Toledo represented the seller, a Mexico City, Mexico based developer, and procured the buyer, FLB Bay Harbor LLC.

300 Majorca Avenue is comprised of two townhouses and 15 two-bedroom/two-bathroom apartments. Building amenities include under-cover parking, a fitness center, courtyard fountains, lush landscaping, and an outdoor barbecue terrace on the 4th floor. The property is in the heart of Coral Gables, within walking distance of the Coral Gables business district, high-end shops and restaurants.

The property is less than 5 minutes from the Miracle Mile, Coral Gables Museum, University of Miami and the Venetian Pool. The building is also a short drive from Downtown Miami and the beaches.