MIAMI BEACH, Fla., Feb. 11, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Villas at Normandy Isle , located at 1971-1985 Bay Drive in Miami Beach, Florida. The two-story, 24-unit apartment property sold for $6,800,000.
Joseph P. Thomas, Adam G. Duncan, Alec Demetriou, Eduardo Toledo, Jonathan De La Rosa, Marisol Hernandez, and AJ Stanford, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the Miami-based seller, a limited liability company. The undisclosed buyer was procured by Landy Toledo, first vice president investments in Marcus & Millichap’s Miami office.
Originally built in 1938, the 2-building property was completely renovated in 2021 to include hurricane-resistant impact windows and doors, new roofs, air conditioning units and interior modernization inclusive of custom cabinets, quartz countertops, porcelain floors, stackable washer/dryers, and luxurious finishes. According to the Miami-Dade Property Advisor, the property consists of 16,365-square-feet on a 21,790-square-foot lot (0.50-acres).
The Villas at Normandy Isle features a unit mix of (4) one-bedroom/one-bathroom apartments and (20) two-bedroom/one-bathroom apartments. The property is situated on Normandy Isles, just east of North Bay Village, west of North Beach and south/southwest of Surfside, Bal Harbour, Bay Harbor Islands and Sunny Isles.
# # #
About Marcus & Millichap (NYSE:MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
Disclaimer
Marcus & Millichap Inc. published this content on 11 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2022 16:37:10 UTC.
Public now 2022
|
|
|
|
|
||||
|
||||
Technical analysis trends MARCUS & MILLICHAP, INC.
| short term | Mid Term | long term | |
| trends | Neutral | Neutral | bullish |
Income statement evolution
|
Sell
Buy |
|
| Mean consensus | SELL |
| Number of Analysts | 1 |
| Last close price |
$47.29 |
| Average target price |
$40.00 |
| Spread / Average Target | -15.4% |
Comments are closed.