Marcus & Millichap : Brokers the $5.8 Million Sale of a Multifamily Property in Opa-Locka, Florida
September 23, 2022 at 03:23 pm EDT
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Marcus & Millichap Brokers the $5.8 Million Sale of a Multifamily Property in Opa-Locka, Florida
September 23, 2022
Opa-locka, Fla., Sept. 23, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sharazad Portfolio, a 38-unit, 20,769-square-feet apartment complex in Opa-Locka, Florida. The asset sold for $5.8 million.
"This sale traded $100,000 over the listing price which reflects the continued demand for apartment buildings in South Florida, especially in markets which have been historically overlooked by most investors now that prices have soared," said Nicholas McAndrew, associate. "The buyer was a local investor, paid all cash, and plans to renovate the units and bring the rental rates to the top of the market."
McAndrew, Felipe Echarte, and Evan P. Kristol, investment specialists in Marcus & Millichap's Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The property was purchased by Orengo Investments, LLC.
Sharazad Portfolio is located at 1219-1241 Sharazad Blvd, which is one mile east of the Amazon Mega-Warehouse, Amazon's largest facility in South Florida. Built between 1952 and 1956, the property consists of five one-story buildings with a unit mix of six studios, eight one-bedroom/one-bath, and 24 two-bedroom/one-bath units.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 23 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2022 19:22:05 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
