Zell's Equity Residential Property Trust, the largest multifamily property owner in the United States, paid MIG Realty Advisors of West Palm Beach $70,652 per unit or $74 per sf for the 349,440-sf property built in 1991 and expanded in 1995.
The garden-style apartments are on 37.85 acres at 673 Vista Isle Drive with frontage on Flamingo Road and NW 8th Street. The unit mix comprises 144 one-bedrooms; 80 two-bedroom/one-bath units; and 144 two-bedroom/two bath units. The property is 25 miles north of Downtown Miami.
Peter Katz, vice president/investments in the Phoenix office of Encino, CA-based Marcus & Millichap Real Estate investment Brokerage Co., and Evan Kristol, senior investment associate, Fort Lauderdale, negotiated for MIG Realty.
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