39-Unit Multifamily Property Trades For $8.7 Million

Marcus & Millichap negotiated the sale of Glady’s Apartments, a 39-unit multifamily property in North Miami Beach.

The asset sold for $8,690,000.

Evan Kristol, Felipe Echarte and Nicholas McAndrew, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Gould FL 139th, LLC and procured the buyer, The First, LLC.

“Glady’s Apartments is a very well located, value-add apartment community, as the in place rents are far below market,” said Evan Kristol, executive managing director investments, “Furthermore, the community sits on one acre of land east of US-1, which makes it a prime target for redevelopment.”

The multifamily property, built in 1970, is located at 2031 NE 139th St., to the east of Biscayne Boulevard (US-1), making it one of the few rental buildings located east of US-1. This two and three-story property offers a mix of one- and two-bedroom apartments, each featuring a patio or balcony. Nearby national retailers include Publix Supermarket, Costco, and Target. Additionally, Florida International University’s Biscayne Bay Campus is within walking distance, and the property is near several mixed-use developments in the area.