Dealmaker: Marcus & Millichap Closes $109M in Multifamily Sales

Marcus & Millichap, Calabasas, Calif., brokered two multifamily asset sales totaling $109 million.

In Miami’s Edgewater neighborhood, the firm sold 275-unit Hamilton on the Bay. Rani Hussami represented the seller and procured the buyer.

The Real Deal Miami reported real estate investment trust Aimco, Denver, paid $81 million for the 28-story tower.

Located in a high-density area on the north side of Downtown Miami, Hamilton on the Bay presents new ownership with a “cornerstone value-add opportunity,” Hussami said. Built in 1984, the property includes two adjacent parcels that allow for 89 buildable units.

Hussami said Edgewater’s population grew 37 percent and average household income increased 62 percent between 2000 and 2018.

Located adjacent to Interstate 195, Hamilton on the Bay has freeway access in all directions via connections with Interstate 95. Miami World Center, a 30-acre mixed-use development, is under construction one mile from the property and downtown Miami entertainment center Skyrise Miami is expected to deliver nearby in 2023.

In Tacoma, Wash., Marcus & Millichap sold 139-unit property Westminster Towers for $28 million, which equates to $201,439 per unit.

“Westminster Towers is an institutional-quality value-add property that has received many interior renovations over the past two years,” said Timothy Ufkes, Senior Vice President of Investments in Marcus & Millichap’s Seattle office. Ufkes and M&M Associate Evan McLeod represented the local developer seller and procured the 1031 exchange private investor buyer.

Built in 1997, fully gated apartment community Westminster Towers has studio, one-, two- and three-bedroom apartments with floor plans that measure up to 1,137 square feet.