Marcus & Millichap has brokered the $5.3 million sale of 840 16th St., a 24-unit multifamily property in Miami Beach, Florida. The transaction brought the 1948-built apartment asset to a private investment group based in New York, underscoring continued interest in South Florida properties from investors outside the region.
Key takeaways
- The 24-unit property sold for $5.3 million.
- The 15,615-square-foot asset sits on 0.35 acres in Miami Beach.
- A New York-based private investment group acquired the property.
- Marcus & Millichap executives Felipe Echarte, Evan Kristol and Austin Michels represented the buyer.
Miami Beach multifamily asset changes hands
The property at 840 16th St. was constructed in 1948 and contains 24 apartments. Its location provides residents with direct access to public transportation and places the building near several prominent destinations, including the Miami Beach Botanical Garden, Miami Beach Convention Center and Miami Beach Golf Club.
The $5.3 million sale reflects investor activity in a well-established Miami Beach submarket, where multifamily properties can benefit from proximity to employment, cultural, recreational and tourism-oriented amenities.
Out-of-area investors remain active
Felipe Echarte, senior managing director in Marcus & Millichap’s Fort Lauderdale office, said the acquisition by an out-of-area investment group demonstrates continued demand for South Florida investment properties among nonlocal buyers.
The buyer was procured by Echarte, Kristol and Austin Michels, who worked on behalf of the New York private investment group. The transaction illustrates the role of investment sales brokers in connecting regional assets with capital from other U.S. markets.
Transaction adds to Marcus & Millichap activity
Marcus & Millichap specializes in commercial real estate investment sales, financing, research and advisory services. The company reported closing 8,818 transactions with a combined sales volume of $50.8 billion in 2025.
At year-end, the firm had 1,808 investment sales and financing professionals operating through more than 80 offices in the United States and Canada. The Miami Beach sale adds to the company’s multifamily transaction activity in South Florida, a market that continues to attract both local and national investors.
- 840 16th Street, Yield PRO.