PRESS RELEASE: North Bay Village Multifamily Property Fetches $5.5 Million

Miami - represented the seller, Centerpoint Group II and Bayshore View Investments in the sale of a two-building, waterfront, multifamily property for $5,549,679.

The property, located at 7927 & 7931 East Drive in North Bay Village totals 44 units – 20 units and 24 units respectively.

North Bay Village, located just east of the North Miami Beach mainland, across the 79th Street Causeway.  The city was incorporated in 1945 and became widely known for its popular restaurants and nightclubs, including Dean Martin’s club Dino’s, which operated in the late 1970s and early 1980s.  Celebrities like Frank Sinatra and Judy Garland were also known to frequent the area.

Although most construction in North Bay Village since the year 2000 has been in the erection of high-rise luxury condominium buildings, residential inventory is scarce in the city.

Leeanna Fatovic of Charles Rutenberg Realty LLC negotiated on behalf of the buyer, Mississauga, Canada-based East Drive Property Holdings, which was represented by Luis Navas.

Metro 1 Commercial is a Miami-based boutique commercial real estate services firm that provides advisory, transaction, management and investment services for office, industrial, land, retail, and hospitality real estate throughout South Florida. Some of the specialty divisions within Metro 1 Commercial include M1 Hospitality, M1 Industrial, M1 Land, M1 Advisory, M1 Management, and M1 Investment Sales. Founded in 2005 by Tony Cho, Metro 1 Commercial has built a reputation for delivering consistent results in a performance-based landscape. Known as one of the most forward-thinking real estate companies, Metro 1 Commercial utilizes cutting edge marketing strategies and advocates for sustainable real estate solutions and smart urban growth. Metro 1 Commercial is a subsidiary of Metro 1.