Alberto Fernandez Acquires Multifamily Asset From Izhak Wanounou In Miami For $3.5M

The property asset involved in this transaction is a multifamily unit located at 220 Southwest 18th Avenue, Miami. It comprises a total of 21 units and spans 9,918 square feet. The transaction was completed at a sale price of $3,500,000, which equates to a price per unit of $166,666 and a price per square foot of $352.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,500,000
• Units: 21
• Square Footage: 9,918
• Price Per Unit: $166,666
• Price Per Square Foot: $352
• Buyer: Alberto Fernandez
• Seller: Izhak Wanounou
• Brokers: Rafael Fermoselle & David Fermoselle - ElevenTrust Real Estate Services

Alberto Fernandez is the buyer planning to renovate units and adjust rents to market levels. Izhak Wanounou, the seller, executed the sale to pursue a 1031 exchange for a newer property.