Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a 36-unit apartment community located at 16851 NE 18th Avenue in North Miami Beach. The final sale price was $5.8 million, which comes out to $161,111 per door.

Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, EUS at 18th Ave LP., in the transaction. Demian Perelmuter with F Advance Mgmt., which specializes in stabilized and value-add multifamily acquisitions, acquired the property. “F Advance Mgmt. plans to renovate the property and providing updated units that are needed within the market,” Perelmuter said. 

Built in 1964, the property includes one three-story building with one- and two-bedroom units averaging 772 square feet. The property was fully leased at the time of the sale.

By Katya Demina