MIAMI—Carmel Apartments, a 51-unit multifamily property in North Miami Beach, is the latest in a rash of apartment communities to trade hands in South Florida. The asset sold for $3.15 million, or $61,765 per unit.
Evan P. Kristol and Still Hunter III, senior vice presidents of Investments, and Felipe J. Echarte and Joseph P. Thomas, vice presidents of Investments, all in Marcus & Millichap‘s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. Kristol, Hunter, Echarte and Thomas as well as Harrison Rein, an investment associate in the Miami office, represented the buyer, a limited liability company from Miami.
“The immediate neighborhood, which is north of Northeast 163rd Street and west of Biscayne Boulevard in North Miami Beach, is a strong rental market due to its close proximity to Aventura and a lack of new inventory coming to the market,” Escharte says. “Because of the strong economic drivers surrounding the area, rental rates and occupancy levels in North Miami Beach should continue to rise. This particular deal is an added-value opportunity as the investor plans to renovate the units and repair the deferred maintenance items to improve the rental income and the quality of the tenant base.”
Carmel Apartments offers two three-story multifamily buildings. The unit mix is made up of 33 one-bedroom/one-bath units and 18 two-bedroom/two-bath units. The multifamily property is located close Golden Glades Interchange where Interstate 95, Florida’s Turnpike and the Palmetto Expressway meet. The exact address is 16700-16701 NE 21st Avenue in North Miami Beach, FL.