Nearly 21 offers on the property emerged over a six-week period, says Rosendo Caveiro, a Grubb & Ellis South Florida senior vice president, who led a team of brokers that represented Citibank in the transaction. Each offer, on a property appraised at $8 million, either met or exceeded the asking price of $9 million.
The bank acquired the property through foreclosure about three years ago and invested about $1 million in infrastructure and façade improvements in the property constructed in the mid-1980s. The properties comprise mostly two-bedroom and three-bedroom units.
"It's located in an area near one of the biggest employment bases in Miami-Dade County," Caveiro tells GlobeSt.com. "Second, it's in proximity to two major expressways. It became very attractive as a condo conversion, and that's exactly what the buyer has in mind."
Besides Caveiro, Richard F. Davis, a Glrubb & Ellis senior vice president, and Teresa Talley, senior marketing specialist, also represented Citibank.
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