DWNTWN Realty Advisors Arranges Multifamily Sale Fetching $343,000 Per Unit

Jun 02, 2020 No Comments by

DWNTWN Realty Advisors facilitated the $2.4 million sale of 7926 East Drive in North Bay Village, also known as “Whitehouse,” in a transaction that closed on May 20th.

The building was put under contract and closed all after the COVID-19 related quarantine measures had begun.

Whitehouse is a 7-unit luxury rental building with waterfront, dockage, and a boat lift. Large renovated units and a fantastic waterfront location allowed DWNTWN Realty Advisors’ Skyler Marinoff and Jordan Gimelstein to position the property as an attractive and resilient asset during a difficult time in Miami’s CRE market.

The price breaks down to $342,857-per-unit, an extremely high price for the North Bay Village market.

The Buyer is a Miami local who had just completed the sale of another asset and needed to place money immediately. Due Diligence was handled with extreme care due to the ongoing pandemic and closing was done remotely.

 

 

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Industry News, Miami-Dade County Multifamily, Multifamily, NA
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