Francisco Lagos Marmol Purchases Multifamily Property From Manuel Eduardo For $6.1 Million

The asset involved in the transaction is a multifamily property located at 1986 Biarritz Drive in Miami Beach. The sale was finalized for $6,100,000, encompassing 27 residential units with a price per unit of $225,925. The total square footage of the property is 24,067, resulting in a price per square foot of $253.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,100,000
• Address: 1986 Biarritz Drive
• Market: Miami Beach
• Units: 27
• Price Per Unit: $225,925
• Square Footage: 24,067
• Price Per Square Foot: $253
• Buyer: Francisco Lagos Marmol
• Seller: Manuel Eduardo
• Broker Representatives: Javier A. Ubeda & Arthur Porosoff - Compass
• Cap Rate: 7.5%

The transaction highlights the involvement of brokers Javier A. Ubeda and Arthur Porosoff, who represented the seller and procured the buyer, Francisco Lagos Marmol, an investor engaged in a 1031 exchange. The Porosoff Group secured a total of 10 offers, with a strong final offer selected for this deal.