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 Residences at Bay Harbor, a five-story, 16-unit apartment property located in Bay Harbor Islands, Florida, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.
“Residences is located in one of the most sought-after submarkets in Miami-Dade County with significant land constraints,” said Nicholas McAndrew, investment associate in Marcus & Millichap’s Fort Lauderdale office. “Due to the lack of inventory, rare ownership turnover, and being one of the few mid-rise apartment buildings of this size in Bay Harbor Islands – we knew we were going to receive a tremendous amount of activity for this trophy asset.”
McAndrew, Evan P. Kristol, and Felipe J. Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by McAndrew, Kristol and Echarte.
Although the transaction price is undisclosed, McAndrew notes that “the seller decided to take advantage of the current favorable market conditions and received a significant non-refundable deposit at contract signing.”
Residences at Bay Harbor is located at 9200 Bay Harbor Terrace in Bay Harbor Islands, Florida. Originally constructed in 1981 as a luxury condominium development, the property includes a mix of 15 two-bedroom/ two and a half-bathroom units (1,900 SF) and a one-bedroom/ one and a half bathroom. Amenities include spacious floor plans, secured entrances, private covered balconies, double vanities, and a bidet.
The coastal community of Bay Harbor Islands is situated on a pair of islands with Sunny Isles being to the north, Bal Harbour and the Atlantic Ocean to the east, North Miami and the intercoastal to the west, and Indian Creek Country Club to the south.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.