Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Pinebrook Apartments, a 309-unit Cardinal-built apartment complex in the South Kendall area of Miami. The $37.25 million sales price equates to more than $120,000 per unit and $224 per square foot.
“Pinebrook was a unique opportunity to acquire one of the few remaining 300-plus unit value-add apartment communities in the rapidly growing Southwest Dade County submarket,” said Evan P. Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office. “The property had been in the hands of the same ownership for over 26 years without being offered for sale on the market. Current rents were substantially below market rate, which contributed to its historically high occupancy. Furthermore, situated on over 10 acres of land near Zoo Miami, Pinebrook offers excellent future redevelopment potential,” Kristol concluded.
“Pinebrook’s South Dade County infill location is extremely desirable,” noted Felipe Echarte, first vice president investments.
Kristol and Echarte represented the seller, a Florida limited partnership. Kristol and Echarte also procured the buyer, Tampa-based Blue Rock Partners.
Constructed in 1987, the property is situated on a 15.5-acre site with frontage on one of the busiest north-south arteries in Miami-Dade County. Downtown Miami and Miami International Airport are within a 30-minute drive, and access to Florida’s Turnpike is two miles away. Two shopping centers are within walking distance, and a Walgreens, CVS, Navarro Pharmacy, restaurants and banks are nearby. The asset is composed of one-story studio and one- and two-bedroom units that range from 288 square feet to 864 square feet.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com