Marcus & Millichap Arranges the Sale of Elm Lake Apartments in Bradenton, Florida
BRADENTON, FL, January 19, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Elm Lake Apartments, a 64-unit apartment property located in Bradenton, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,150,000.
Adam Podbelski, associate, Nicholas Meoli, first vice president investments, and Michael Donaldson, first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Meoli and Donaldson.
Located less than four miles from the scenic Sarasota Bay, Elm Lake Apartments is a 64-unit apartment community consisting of five, two-story buildings and one, one-story building, which functions as a leasing office. The complex is conveniently located within two miles of U.S. Highway 41 at 6318 14th Street East in Bradenton, Florida. Built in 1986 and 1997, the buildings are comprised of eight, one-bedroom/one-bathroom units with 592 rentable square feet; 32, two-bedroom/two-bathroom units with 840 rentable square feet; eight, two-bedroom/two-bathroom units with 1,081 rentable square feet and 16, three-bedroom/two-bathroom units with 1,036 rentable square feet. Contained on approximately 4.65 acres, the property’s amenities include a clubhouse, basketball court, volleyball court, playground and two on-site laundry facilities.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com