MIAMI-In yet another South Florida multifamily transaction, the San Marco Apartments here has sold for $28.6 million, or $104,000 per unit. The sales price equates to $105 per sf. Locally based Catalina Holdings LLC purchased the property from a limited partnership based in West Palm Beach. The 275-unit property sold with a nearly 10.1% market capitalization rate.

San Marco Apartments, located at 8842 Fontainebleau Blvd., was built in 1971. It consists of 243,320 rentable sf. The unit mix includes 99 one-bedroom and 176 two-bedroom apartments. The apartments, which range in size from 680 sf to 1,000 sf, rent for between $775 and $1,015 per month.

Among recent multifamily property sales of more than $10 million in Southeast Florida, the per-unit price of San Marco Apartments is less than the average; however, the price is close to the state average. The average price per unit in the area rose to $145,090, while the state average is $107,385, states a recent report by Madison-LaPaul in Miami. The South Florida average was given a boost by strong activity among condominium converters.

Miami and the entire Southeast Florida region have been known as hot multifamily markets in recent months. In fact, Southeast Florida had the greatest number of multifamily sales of more than $10 million of any region statewide in the second quarter. In the region, 19 properties with 7,374 total units sold for nearly $1.1 billion combined.

Evan Kristol and Still Hunter III, investment specialists in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale office and members of the company’s National Multi Housing Group, secured and represented Catalina Holdings LLC in the transaction.

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