West Brickell Multifamily Buildings Fetch Above-Asking Price After Only Two Days On Market

Mika Mattingly of Sterling Equity Realty Commercial represented Sellers Roque G. Rodriguez and Jason Rodriguez in the sale of two multifamily buildings nestled in the heart of the emerging West Brickell neighborhood.
Cumbria Apartments, LLC, represented by Gabriel Reategui Real Estate & Investment, LLC, purchased the buildings, located at 221-233 SW 12^th Street, for $2,700,000.
The buildings, which total 6,420 square feet, feature 10 units on a 15,000-square-foot lot.
Brickell has seen a transformation with the addition of condos and office towers for the past 8-10 years, but the West Brickell neighborhood only recently began to evolve. With Mary Brickell Village and the completion of Brickell City Centre in 2015, the Brickell area is and will continue to become a desirable place to live, work and play.
“The sale represented a win-win for the buyer.  This parcel was part of a larger assemblage, allowing the buyer to acquire almost half a city block of contiguous properties in a booming neighborhood. The buyer clearly recognized the unique opportunity and submitted a purchase price above asking after only two days on the market,” commented Mattingly.
The sale closed Thursday, July 31, 2014.
Mattingly is a member of the Commercial Industrial Association of South Florida (CIASF).  CIASF is a non-profit organization of business leaders involved in the development, design, construction, sales, and leasing of Industrial and Commercial Real Estate in South Florida.  The association hosts events each month covering a wide range of topics including the Industrial Market Report in January and the Office Market Report in May, its signature events.