October 15, 2024 – Alec Bashein of Horvath & Tremblay has arranged the sale of La France Apartments, a thirty-six (36) unit multi-family building in Miami Beach, Florida. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $8,100,000.
The La France Apartments are located at 1165 Marseille Drive in Miami Beach, Florida. The property is comprised of thirty-six (36) residential units and has an excellent unit mix consisting of six (6) studio apartments, sixteen (16) one-bedroom and one-bathroom apartments, eight (8) two-bedroom and two-bathroom, and six (6) two-bedroom and two-bathroom plus den apartments across a total of 34,800 square feet of living area. With an average unit size of 966 square feet per unit, the property offers vastly larger floor plans than a majority of comparable unit types for apartment buildings in the area. An elevator served building, the property has many amenities including covered parking, a private gated and secured courtyard with lush landscaping, a swimming pool, over 100 feet of water frontage, and an on-site laundry facility for the convenience of the residents. Current ownership has performed extensive capital improvements and preventative maintenance to the property over the past several years including, the installation of a brand new roof, brand new air conditioned elevator engine machine room, new cables and modernization of the elevator cabin, modernization of pool pumps and a new gas hot water boiler. The Property is well-located along Marseille Drive, which is seconds from Normandy Drive & 71st Street (SR 934), which offers convenient access to Miami Beach, and is a short drive from the Bal Harbor Mall and South Beach’s most sought after destinations including Flamingo Park, Washington Avenue, Lincoln Road Mall, Collins Avenue and Ocean Drive. The densely populated neighborhood consists primarily of multi-family buildings and condominiums of similar age and construction as the Property. The location offers ease of access to major retailers, employment hubs, shopping, public transportation (several bus routes), and major roads including Interstate I-195, A1A, SR 907, and SR 934.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.