MIAMI—Lincoln Palms, a portfolio of five multifamily properties with 66 units just off Lincoln Road in Miami Beach, has traded hands. The multifamily portfolio sold for $14,940,000, which equates to $226,364 per unit.

Arthur Porosoff, vice president investments in Marcus & Millichap's Miami office, represented the seller, a private investor from New York. Joseph P. Thomas, vice president investments, and Frank Fausone, associate, both in the firm's Fort Lauderdale office, secured the buyer, a private investor from Miami.

“The Lincoln Palms Portfolio was an opportunity to purchase a property with 'in- place' cash flow and continue to operate it as an apartment building in Miami-Dade County's highest appreciating submarket,” says Porosoff. Located at 1600 Meridian Avenue, the multifamily properties sit on an over one-acre lot in South Beach just steps from Lincoln Road.

“The portfolio's excellent location, below-market rents and capital improvement possibilities provide many revenue enhancement opportunities,” says Thomas. Lincoln Palms offers five two-story garden-style buildings totaling 66 units.

The multifamily community includes 35 studios, 28 one-bedroom apartments, two two-bedroom apartments and one four-bedroom townhouse. Multifamily units feature ceramic tile and solid oak wood flooring, wall air-conditioning units and walk-in closets. Some multifamily units feature private patios or balconies. All five buildings have a connected courtyard that offers multiple sitting areas and bicycle racks for residents.

South Beach multifamily trades are relatively few and far between, but retail trades have been hot in the past year. The redevelopment of 1111 Lincoln Road was the key turning point for Lincoln Road on the retail front.

“At the time the Apple Store was the only store on Lincoln Road paying over $100 per square foot,” Adam Lustig, a partner in Miami-based Bilzin Sumberg, tells GlobeSt.com. “1111 Lincoln Road was able to command rents of $150 per square foot, which was unheard of in Miami at that time.”