Wednesday, September 29, 2010

$15 Million Multifamily Asset Trades in Miami

MIAMI, Sept. 29, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Palm Lake Apartments, (top left photo)  a 300-unit, 211,500-square foot multifamily property in Miami. The sales price of $15 million represents $50,000 per unit and $71 per square foot.

            Still Hunter III, (middle right photo) a senior vice president investments, and Evan P. Kristol (lower left photo), also a senior vice president investments, in the firm’s Fort Lauderdale office, exclusively represented the seller, an entity controlled by The Related Group.
Hunter and Kristol also represented the San Francisco-based buyer, The Reliant Group.
            “The property was unique due to an annual U.S. Housing and Urban Development (HUD) Program housing assistance payment (HAP) contract for the elderly and disabled in place at the time of the sale, which created significant value,” says Kristol.
“There are very few remaining HAP contracts and even fewer on larger assets like this one in South Florida.”
            The property is located at the corner of NW 27th Avenue and NW 115th Street in unincorporated Miami-Dade County. The community is accessed by a gated entrance on NW 27th Avenue, a heavily trafficked north/south corridor. The north campus of Miami Dade College is directly across the street from the property and the 180-acre, 18-hole Westview Country Club golf course borders the property to the east.
            Built in 1967, Palm Lake Apartments features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units.
Contact: Stacey Corso
Public Relations Manager
(925) 953-1716

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