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 firstname.lastname@example.org.