MIAMI—The interest from foreign buyers isn't waning on the multifamily investment front. The latest example is in Coral Gables.

The Biltmore Villas, a 30-unit multifamily property in Coral Gables, FL, traded for $4.6 million $152,650 per unit.

Evan P. Kristol and Still Hunter III, senior vice presidents of Investments, and Felipe J. Echarte and Joseph P. Thomas, vice president of Investments, all in Marcus & Millichap's Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from New York, NY. The buyer was a limited liability company with principals from South America.

“Biltmore Villas generated substantial interest due to its prime location, along with its unique, attractive unit mix,” Thomas says. “Ultimately, the property closed with new financing in less than 60 days at $256 per square foot.”

The multifamily property is located in the highly desirable Biltmore section of Coral Gables. Biltmore Villas is located at 416 and 426 Santander Avenue. The multifamily property offers two buildings with 13 one-bedroom/one-bathroom single-level units, 12 townhouse style units and five two-bedroom/one-bathroom units.

“Much of the interest we received was from foreign investors and ultimately the buyer of the property was from South America,” Echarte says. “Miami-Dade, and in particular Coral Gables, continues to cement its position as a safe haven for Latin American and European capital as many foreign buyers are acquiring multifamily properties in quality locations. As the number of Latin American-based companies who choose to make Miami their headquarters increases, it is expected that the apartment market will see even more growth and velocity.”