Marcus & Millichap Inc.
09/04/2024 | Press release | Distributed by Public on 09/05/2024 11:30
Marcus & Millichap Brokers $2.35 Million Sale of Vintage North Miami Apartments
Press Releases
Marcus & Millichap Brokers $2.35 Million Sale of Vintage North Miami Apartments
September 04, 2024
LinkedIn Email App
NORTH MIAMI, Sept. 4, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of NoMi Villas, a two-story apartment community in North Miami, Fla., for $2,350,000.
"We were able to help a long-term owner exit their management and capital-intensive property while enabling a new buyer to execute their value-add business plan through their economies of scale," said Nicholas McAndrew, senior associate. "Thanks to our marketing efforts, we accomplished this in an expedited timeframe, securing top dollar for the seller. As a result, the seller was able to exchange into a management-free, passive asset while earning more money with less work."
McAndrew, Evan Kristol and Felipe Echarte, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Xanadu Prop, LLC and procured the buyer, Falcon Real Estate Holdings, LLC. The current owner has preserved the property's vintage charm over 42 years, maintaining the units in their original condition.
NoMi Villas is a 16-unit, two-story apartment community on a 0.34-acre lot at the corner of NE 6th Avenue and NE 142nd Street. The property, located east of Interstate 95 between NE 125th and NE 167th Streets, consists entirely of one-bedroom units, each approximately 556 square feet. The area is home to several educational institutions, including Florida International University's Biscayne Bay Campus to the east and Barry University to the south, as well as major medical centers like Jackson North Medical Center and HCA Florida Aventura Hospital.
"We were able to help a long-term owner exit their management and capital-intensive property while enabling a new buyer to execute their value-add business plan through their economies of scale," said Nicholas McAndrew, senior associate. "Thanks to our marketing efforts, we accomplished this in an expedited timeframe, securing top dollar for the seller. As a result, the seller was able to exchange into a management-free, passive asset while earning more money with less work."
McAndrew, Evan Kristol and Felipe Echarte, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Xanadu Prop, LLC and procured the buyer, Falcon Real Estate Holdings, LLC. The current owner has preserved the property's vintage charm over 42 years, maintaining the units in their original condition.
NoMi Villas is a 16-unit, two-story apartment community on a 0.34-acre lot at the corner of NE 6th Avenue and NE 142nd Street. The property, located east of Interstate 95 between NE 125th and NE 167th Streets, consists entirely of one-bedroom units, each approximately 556 square feet. The area is home to several educational institutions, including Florida International University's Biscayne Bay Campus to the east and Barry University to the south, as well as major medical centers like Jackson North Medical Center and HCA Florida Aventura Hospital.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.