North Miami Multifamily Posts Strong Recovery
Join your peers in Orlando this June at RealShare CENTRAL FLORIDA on June 11 at The Citrus Club. Register by May 8 to get the early bird discount.
MIAMI—Biscayne Gardens Apartments, a 60-unit multifamily property in Miami, has traded hands. The sale comes as interest rises on Biscayne Boulevard and the surrounding areas, starting in the downtown area and moving north. The asset sold for $3.684 million.
Evan P. Kristol, a senior vice president of investments, and Felipe J. Echarte, a vice president of investments, in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Boynton Beach, FL. Kristol and Echarte and secured the buyer, a private investor from Coral Gables, FL.
“The North Miami/North Miami Beach submarkets have experienced a tremendous recovery over the last two years,” says Echarte. “The vacancy rates have improved from 15% to less than 5% today and rental rates continue to increase.
Biscayne Garden Apartments is located in Unincorporated Miami-Dade County between North Miami and North Miami Beach. The address is 15390 NE 6th Avenue in Miami, FL.
“This was an opportunity for an established, local investor to acquire a well-maintained building with an attractive unit mix at a favorable interest rate,” Echarte says. “Through strong management, the buyer can increase cash flow with the potential for long-term appreciation.”
The multifamily property offers 21 one-bedroom/one-bathroom units and 39 two-bedroom/one-and-a-half bathroom units. The building has undergone many recent capital improvements including renovations to some of the units, elevators and parking lot.
Save the date October 21-22 for RealShare APARTMENTS in Los Angeles. Book your flights and register today.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.