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.