Marcus & Millichap closes south Florida deal

Secures local investor for 180-unit multifamily complex

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Marcus & Millichap negotiated the sale of the 180-unit Casa Bella Apartments in Hialeah, Fla. The value of the transaction was $12.7 million. Florida Etoile Inc., a Florida-based developer, sold the property to an undisclosed Florida-based investment partnership. Casa Bella Apartments is located at 4500 W. 16th Ave. The property, constructed in 1981, includes 184,760 rentable square feet on 2.59 acres. The unit mix includes 20 one-bedrooms, 120 two-bedrooms and 40 three-bedroom apartments. Approximately 90 percent of the apartments at Casa Bella are oversized two- and three-bedroom units, ranging in size from 960 square feet to 1,240 square feet. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the headline of the story. ...