Marcus & Millichap Brokers The $5.8M Sale Of A Multifamily Property In Opa-Locka, Florida

Marcus & Millichap, 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 allcash, and plans to renovate theunits and bring therental 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, alocal 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.

About Marcus & Millichap, Inc. (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.