Marcos Ortega Purchases 17-Unit Tropical Terrace Apartments In Miami From Jerry Fernandez For $4.15M

Tropical Terrace Apartments is a 17-unit multifamily property located at 3722 Northwest 20th Avenue in Miami's Allapattah neighborhood. The property was sold for $4,150,000, showcasing a price per unit of $244,117 and a total square footage of 22,993, resulting in a price per square foot of $180.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,150,000
• Buyer: Marcos Ortega
• Seller: Jerry Fernandez
• Brokerage: Cushman & Wakefield
• Broker Representatives: Virgilio Fernandez & Alain Crego
• Units: 17
• Square Footage: 22,993
• Price Per Unit: $244,117
• Price Per Square Foot: $180

Cushman & Wakefield represented the Seller in this transaction, reflecting the continued investor demand for well-located multifamily assets in Miami's urban core. The deal indicates strong interest in properties providing durable in-place income along with potential for organic rent growth.