The five-unit building was built in 1947, according to the Miami-Dade County property appraiser's office, on a lot size of 9,972 sf. The complex is located at 918-20 E. Ponce De Leon Blvd. The seller was the trust for Martha L. Sonnenfeld.
Ken Morris and Andrea Lynn of Morris Southeast Group/Corfac International represented the seller in the transaction. "The demand for residential and multifamily real estate in Coral Gables continues to be strong, making this an excellent investment opportunity," Morris, president of Morris Southeast Group/Corfac International, says in a statement.
The Miami metropolitan service area apartment market is capturing investor interest, and asking rents are expected to grow 2.6% to $980 a month this year after a 3.4% increase in 2003, according to a recent Marcus & Millichap Real Estate Investment Brokerage Co. report.
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