MIAMI—Park Towers, a 207-unit multifamily property, has traded for $11.6 million. The sale price equals about $56,039 per door.
Tal Frydman, a vice president investments, and associates Daniel Cunningham and Derek Gibbs, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private firm based in Scottsdale, Ariz. The buyer is a private investor based in Miami.
“Park Towers is a rare 10-story apartment building that will provide the new owner with a huge upside in rents, thanks to major renovations that include a refinished pool, upgraded lobby and offices, and remodeling within the units themselves,” commented Frydman. “Easy access to major highways and excellent Interstate 95 exposure will keep tenant demand high and maintain the investment’s income stability.”
Located at 777 NW 155th Lane in Miami, the 10-story, 198,335-square foot multifamily building sits on 5.86 acres. The multifamily property borders a large canal to the south and is surrounded by other apartment buildings. The multifamily asset’s completely remodeled lobby offers access to its elevators, leasing office, first floor units, pool and recreation room, all of which have been remodeled or renovated.
“By year’s end, asking rents in the Miami metro are slated to have risen 3.2%, with effective rents advancing 4%,” continued Frydman, “a trend poised to enhance the asset’s upside in years to come.” The multifamily property was originally constructed in 1973 with concrete block.