MELBOURNE, FLA., October 10, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 162 units in Stonewood Townhomes, a 176-unit townhome community located in Melbourne, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $6,150,000.
Senior Vice President Investments Evan P. Kristol and Still Hunter, III in Marcus & Millichap’s Ft. Lauderdale office and Senior Associate Michael Donaldson in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Fort Lauderdale, Florida. The buyer, a limited liability company from Cocoa Beach, Florida was also secured and represented by Kristol, Hunter and Donaldson.
Stonewood Townhomes is a 176-unit townhome community that consists of 44 four-plex buildings on a 7.15-acre site, of which 162 separately parceled units were sold. The unit mix is comprised of 24 one-bedroom/one-bathroom units, 33 two-bedroom/one-bathroom units and 105 two-bedroom/one and one-half bathroom two-story townhome units. The property is located at 325 E. University Boulevard in Melbourne, Florida.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.