Miami Multifamily Complex Fetches $8.1 Million

Kristopher Wagner (pictured left), Director, Commercial Sales with Keyes Commercial Real Estate Company, represented the Buyer, Miami Gardens Realty, LLC in the purchase of a 128-unit, two-story multifamily complex located at 660 and 674 NW 177^th Street in Miami Gardens.
The 108,043-square-foot apartment complex, which sits on 5.94 acres, sold for $8,100,000 or $63,281 per unit.
Although contiguous, the two properties, built in 1978 and 1981 respectively, were listed under separate folio numbers. King Ship Corp. was the owner of the 660 building and La Belle Properties, Inc. owned the 674 building.
Steve Sussman (pictured right), Senior Associate with NAI Rauch Weaver Norfleet Kurtz & Co., represented both La Belle Properties, Inc. and King Ship Corp. in the transaction as the exclusive listing agent.
“Based on the size, condition, location, performance and price of the property, the property proved to be a good market-entry opportunity for the buyer,” commented Wagner.
Wagner is a member and serves on the Board of Directors 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.