MIAMI—It's the highest-price per unit paid for a multifamily project in the north beach section of Miami Beach since 2008 (not counting new construction). Franklin Street just closed the sale of a 24-unit multifamily building here for $4.3 million in an all-cash sale to a foreign buyer. That puts the per-unit price at $179,000.

Franklin's Deme Mekras, Elliot Shainberg, and David Reinke, represented the seller, a local investor. The buyer is an investor and developer from Italy. The buyer plans to convert the multifamily project into a condominium, according to Shainberg, a senior director in Franklin's Miami office.

“This deal signals that the condo conversion business is back in full-swing in Miami Beach,” says Shainberg. “Investors are seeing profitability in condo conversions again, picking up where others left off when the real estate market crashed in 2007.”