Manuel Perez Acquires Multifamily Property In Miami From Ignacio Sotolongo For $10.95M

The transaction involved a multifamily property located at 245 Southwest 20th Avenue & 1925 Southwest 3rd Street in the Miami market. The sale price was set at $10,950,000, comprising 48 units. The total square footage of the property is 20,842, indicating a price per unit of $228,125 and a price per square foot of $525.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,950,000
• Buyer: Manuel Perez
• Seller: Ignacio Sotolongo
• Units: 48
• Square Footage: 20,842
• Price Per Unit: $228,125
• Price Per Square Foot: $525
• Brokers: Rafael Fermoselle & David Fermoselle - ElevenTrust Real Estate Services

ElevenTrust Real Estate Services successfully facilitated this transaction by representing both the Buyer and Seller. Their targeted marketing strategy resulted in five competitive offers, allowing the Seller to choose a well-qualified Buyer, who was completing a 1031 Exchange. This required precise timing and execution, which the team managed effectively to ensure a smooth closing.