Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bahia Apartments, a 66-unit apartment property located in Miami, according to Ryan Nee, vice president/regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,400,000.
“Bahia Apartments represented a great opportunity for an investor to acquire a 66-unit portfolio in one of the most speculative areas in Miami-Dade County, which is Overtown. The buyer will benefit from the secure cash-flow produced by the Project Based HUD Contract in place as well as future appreciation due to major developments in the immediate area. The buyer entity is a private fund conformed by local and Overseas Capital,” states Alejandro Gonzalez, senior associate, in Marcus & Millichap’s Fort Lauderdale office.
Bahia Apartments is located at 1201 NW 2nd Avenue in Miami. The unit mix is comprised of 54 one-bedroom, one-bathroom and 12 two-bedroom, one-bathroom apartment units. “The Buyer’s will potentially benefit from the property’s location in an Opportunity Zone as well as it’s close proximity to the Miami Central Train Station and Miami World Center development,” says Felipe Echarte Senior Vice President, in Marcus & Millichap’s Fort Lauderdale office.
The buildings were constructed between 1949 and 1957.
Echarte, Gonzalez, and Evan P. Kristol, executive managing director investments, 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.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
