The 54-unit Ambassador Apartments, located at 1600 & 1690 SW 1st Ave. in Miami, FL, and three adjacent single-family parcels were sold for $9.373 million.
Located in the Brickell submarket, the two multifamily buildings and neighboring parcels total 52,687 square feet and 1.75 acres. Each building houses 27 apartments, comprised of 42 one-bedroom and 12 two-bedroom units total. It was reported that the buyers have plans to develop the parcels but the proposed usage has not been disclosed.
Alfonso Jaramillo of Fortune International Realty negotiated on behalf of the seller. Julio Diaz of Shelton and Stewart LLC represented the buyer.
For additional information on this transaction, please see CoStar COMPS #2315727.