Marcus & Millichap facilitated the sale of River Del Mar, a three-story, 24-unit apartment building in North Miami Beach for $4.15 million. Nicholas McAndrew, associate and investment specialists Evan Kristol and Felipe Echarte from Marcus & Millichap’s Fort Lauderdale office had the exclusive listing to market the property on behalf of the seller – a local LLC – and secured a buyer – Florida-based private LLC.
Due to limited inventory within South Florida’s marketplace at that time, multiple offers were generated creating competition amongst both local and out-of-area capital resulting in an immediate nonrefundable deposit upon executing contract with no financing contingency from buyer side.
River Del Mar is comprised of 21 one bedroom apartments and three two bedroom units which underwent extensive renovations between 2007 – 2009 located just off NE 19th Avenue less than 1 mile west of Biscayne Boulevard .
The successful transaction demonstrates Marcus & Millichap’s ability to effectively facilitate multifamily sales even during challenging market conditions by generating competitive offers for their clients’ properties.
