MIAMI—A 20-unit multifamily asset in Miami Beach’s Sunset Harbour submarket has traded for $2.2 million. The multifamily property sold in an off-market deal.
Mika Mattingly, of Metro 1 Commercial, represented the seller, MLBT, Inc. in the transaction. Oscar Gastaudo, of Florida Select Realty, represented the undisclosed buyer.
“The owner held the property for more than 25 years, waiting until the market was ripe to sell at the optimum price,” Mika Mattingly, a broker at Metro 1, tells GlobeSt.com. “We had several offers, but obviously this one was the best. Due to strong demand from foreign investors--more demand than we have inventory--cap rates are at sub 5%.”
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