Yacht club housing sells in Miami

Property comprises 164 units

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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....