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Vacant Miami Beach apartment building sells for $6.75 million

March 26, 2012 11:17AM

Croydon Arms in Miami Beach

The vacant Croydon Arms apartment building in Miami Beach has sold for $6.75 million, according to Greg Matus, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office. The sale of the 96-unit property represented an average price of $71.809 per unit. “The sale of Croydon Arms is a good indicator that investors are aggressively looking for well-located properties,” said Marcus & Millichap’s Felipe Echarte, who, along with colleague Joseph Thomas, represented the buyer in the transaction. “The buyer plans to make extensive renovations to restore the property to a trophy asset.” Croydon Arms is located at 3720 Collins Avenue in Miami Beach. — Alexander Britell