Marcus & Millichap Sells Southwinds Apartments Multifamily Property In Miami For $5.8M

The asset involved in the transaction is a multifamily property located at 1177 Northwest 8th Street Road in Miami, FL. The sale price of the property is $5,800,000, and it consists of 29 units, resulting in a price per unit of $200,000. The property is a three-building complex from the 1950s, situated near major redevelopment zones, including Highland Park and Wynwood. It is characterized by its potential for long-term redevelopment under current zoning and Florida’s Live Local Act.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,800,000
• Units: 29
• Price per Unit: $200,000
• Address: 1177 Northwest 8th Street Road
• Market: Miami, FL

The transaction involved brokers Felipe Echarte, Evan Kristol, and Sofee Desai of Marcus & Millichap, who represented a private investor in the sale of Southwinds Apartments. The brokers emphasized the property's redevelopment upside, citing its location within a vibrant neighborhood poised for growth.