The property asset involved in this transaction is a multifamily condominium located at 1639 North Treasure Drive in North Bay Village. The sale was executed for a total price of $8,000,000. The asset consists of 24 units, resulting in a price per unit of $333,333. The building was originally constructed in 1952 and faced significant repair costs, leading to the sale.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Units: 24
• Price Per Unit: $333,333
• Buyer: Andy Ansin - Sunbeam Properties
• Broker Representatives: Marilina Apfelbaum & Samuel Heskiel - Beachfront Realty

Sunbeam Properties, under the leadership of the Ansin family, intends to demolish the existing building to integrate the land into a larger redevelopment project. This project has been approved to include over 1,900 residential units, office space, retail units, and a hotel. The decision to sell was reached unanimously among the unit owners due to the high cost of necessary repairs for the condominium.