A multifamily apartment property in North Miami, Fla., has sold for $11.15 million, according to an announcement Monday from Marcus & Millichap Real Estate Investment Brokerage Co.
The sales price represents $77,431 per unit and $89 per square foot.
Built in 1967, Palm Court Apartments is located at 15205 N.E. 6th Ave., in North Miami. The property offers 125,280 rentable square feet and is situated on 4.47 landscaped acres.
The apartment community consists of 72 one-bedroom units and 72 two-bedroom units ranging in size from 780 square feet to 960 square feet. Common area amenities include a large swimming pool with deck chairs and clubhouse, covered and open parking, gated/controlled entry, picnic areas with barbecues, laundry facility and four elevators. Many units have been renovated and unit amenities feature central air conditioning, dishwasher, garbage disposal, tiled bathroom and kitchen, large walk-in closets and patios/balconies.
Marcus & Millichap investment brokers Evan Kristol, Victor Nolletti, Steve Witten and Still Hunter III represented the seller, Tarragon Realty Corp. Marcus & Millichap investment specialist Daniel Draizin secured the buyer, Advenir.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage focusing exclusively on real estate investments.
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