
Marcus & Millichap Facilitates $4.2M Multifamily Sale
Marcus & Millichap facilitated the $4.15 million sale of River Del Mar, a three-story, 24-unit apartment building in North Miami Beach.
“Due to the lack of inventory within the local marketplace here in South Florida, we were able to generate multiple offers creating competition amongst local and out-of-area capital,” said Nicholas McAndrew, associate. “Ultimately, this resulted in a local Buyer putting up a nonrefundable deposit upon executing the contract and waiving his financing contingency.”
McAndrew, Evan Kristol, and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local LLC, and secured the buyer, a Florida-based private LLC.
River Del Mar is comprised of 21 one-bedroom apartments and three two-bedroom apartments. Between 2007 and 2009, the units underwent extensive renovations. The property is just off NE 19th Avenue, less than a mile west of Biscayne Boulevard.
- ◦Sale/Acquisition