MIAMI—Park Towers, a 207-unit multifamily property, has traded for $11.6 million. The sale price equals about $56,039 per door.

Tal Frydman, a vice president investments, and associates Daniel Cunningham and Derek Gibbs, all in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private firm based in Scottsdale, Ariz. The buyer is a private investor based in Miami.

“Park Towers is a rare 10-story apartment building that will provide the new owner with a huge upside in rents, thanks to major renovations that include a refinished pool, upgraded lobby and offices, and remodeling within the units themselves,” commented Frydman. “Easy access to major highways and excellent Interstate 95 exposure will keep tenant demand high and maintain the investment’s income stability.”