Miami’s Park Towers apartment complex sells for $11.6 million

The Park Towers apartment complex in Miami has been sold for $11.6 million, according to Marcus & Millichap. The 10-story, 207-unit property is located at 777 NW 155th Lane in Miami on a 5.86-acre lot. The price represented an average of $56,039 per unit. Marcus & Millichap’s Tal Frydman, Daniel Cunningham and Derek Gibbs represented the seller, a Scottsdale, Ariz.-based private firm. The buyer was located in Miami. “By year’s end, asking rents in the Miami metro area are slated to have risen 3.2 percent, with effective rents advancing 4 percent, a trend poised to enhance the asset’s upside in years to come,” Frydman said. — Alexander Britell