Yacht club housing sells in Miami

Marcus & Millichap arranged the sale of the Miami River Yacht Club in Miami.

The multifamily community sold for $20 million.

A Miami-based LLP sold the property to a Miami-based investment partnership.

Miami River Yacht Club is located at on the waterway at 1740 NW North River Drive. The exclusive 164-unit community was constructed in 1986 with 132,930 rentable square feet. The property's unit mix is comprised of 64 one-bedroom and 100 two-bedroom apartments, ranging in size from 650 to 950 square feet.

At the time of sale, occupancy was at 95 percent.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.