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MIAMI-In four separate, unrelated transactions private investors have sold small multifamily assets to other private investors as evidence that the trading of South Florida multifamily properties is not limited to large complexes. These range between six and 48 units, and all were built between the 1950s and 1972.

The largest, 48-unit Parkway House Apartments at 651 NW 177th Street, traded for $3.4 million, or $70,833 a unit, the lowest price-per-unit of all four transactions. It was built in 1972 and contains 31 one-bedroom, 16 two-bedroom and one studio unit. Gregory Matus, senior associate in the Fort Lauderdale office of Marcus & Millichap, had the exclusive listing from sellers Joseph Cassuto and Bernard Wiriath, and secured the buyer, Barbara Miller.

The smallest, six-unit Christa Apartments at 8435 Crespi Blvd. in Miami Beach, sold for a little more than $1.3 million, or $221,000 a unit, the highest per-unit-price of the four. It was built in 1961, was recently renovated and is located on the waterfront and includes dockage. All units contain two bedrooms and two baths. The unit sizes and the location of the property makes it suitable for condo conversion, says Gene Berman, SVP and regional manager of the Marcus & Millichap office in Fort Lauderdale. David Luther of that office and Elliot Shainberg and Mark Wohl in the company’s Miami office, had the listing from seller Charles Burkett IV, and also represented the buyer, Delvin Fruit.

Luther and Shainberg represented both sides in the sale of a 24-unit, six-building Miami Beach four-plex portfolio that spans a three-block area near Collins Avenue and the beach. It traded for just under $3.3 million, or $136,250 a unit. The four-plexes were built in the 1950s and include 13 two-bedroom and 10 one-bedroom units plus one studio. The seller was Yalexis Lorenzo, and the buyer was Steven Schmutter.

Luther and Matus represented the buyer and seller in the trade of the 29-unit F&J Apartments at 725-35 Fostoria Dr. in Lake Park in Palm Beach County. This two-story building was constructed in 1962 and was listed by the seller, Frances Procida, as a condo-conversion opportunity. Wayne Combs paid almost $2.3 million, or $77,586 per unit, for the asset, which consists of eight studio, eight one-bedroom, eight two-bedroom and five townhouse units.

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