MIAMI, FL-Flagler Terrace Apartments, a 22-unit apartment community in Miami, has sold for $1.45 million, or $65,000 a unit. The property attracted 12 potential buyers and received five offers in the two weeks it was on the market.
Marcus & Millichap Real Estate Investment Services’ Senior Associate Ronnie Issenberg and Associate Scott Sandelin of the Miami office represented the seller, a private investor from Aventura. Associate Arthur Porosoff, also of the Miami office, secured the buyer of the property, a private investor from Doral.
“We had an overwhelming response from the investor community,” Sandelin tells GlobeSt.com. “We sold the property for an incredible 98.3% of list price at a cap rate of 7.13, which is pretty low by today’s standards.”
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