Marcus & Millichap Closes Sale Of 32-Unit Multifamily Property In Miami

Marcus & Millichap announced the $12.6 million sale of Grove27, a 32-unit multifamily property in Miami.

Adam Marcuvitz, Joseph P. Thomas and Alec Demetriou, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, Jonathan Karlik, of Global One Investment Group LLC.

“Grove27 presented an attractive opportunity to acquire a well-maintained newer construction asset below replacement cost in the desirable Coral Way submarket of Miami,” said Marcuvitz. “The property was originally developed as an apartment building but was operating under a master lease with a short-term rental company. We received strong interest, as buyers saw a clear path to upside through repositioning the asset, phasing out the building’s short-term rental model and leasing the property to long-term tenants.”

Located at 1710 SW 27th Ave., the eight-story property was completed in 2019 and features residences with an average size of 984 square feet. The building includes a mix of one-, two- and three-bedroom units, each with a private balcony, in-unit washers and dryers, a sixth-floor outdoor terrace and a two-level parking garage with 51 spaces. The property is minutes from Coconut Grove, Coral Gables and Brickell, with convenient access to U.S. Route 1 and Interstate 95.