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.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
