Daniel Grammes Acquires Multifamily Property In Key Colony Beach For $1.12M From Estate Of Dolores Armenteros

The asset involved in this transaction is a multifamily property located at 521 8th Street in Key Colony Beach, which sold for $1,120,000. The property has a total square footage of 1,830, resulting in a price per square foot of $612.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,120,000
• Address: 521 8th Street
• Market: Key Colony Beach
• Square Footage: 1,830
• Price Per Square Foot: $612
• Buyer: Daniel Grammes, Esq.
• Seller: Daniel J Mendez, as Personal Representative of the Estate Of Dolores Armenteros
• Seller's Representative: Victor A. Ruiz - Move Miami
• Seller's Attorney: Daniel J. Mendez, Esq. - Law Offices Mendez & Mendez, P.A.

The seller's representative, Victor A. Ruiz, noted that this transaction represents an excellent value-add acquisition. The buyer plans to renovate the property and convert it into an income-producing short-term rental in the appealing area of Key Colony Beach.