COCOA, FLA., December 7, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Village Greene Condominiums, a 124 out of 247 unit bulk condominium offering located in Cocoa, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,000,000.
Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company in Ohio. Ryan T. Shaw, an investment specialist in the firm’s Miami office, secured the Florida-based buyer, a limited liability company.
The Village Greene Condominiums are located at 1711 Dixon Boulevard. The project was completed between 1964 and 1973 and was originally built as an apartment community but was later converted to condominiums. Almost 50 percent of the units have since been sold and this offering was for 124 of the 247 units, equating to just over 50 percent of the community.
“This offering was a rare opportunity for an investor to acquire a fractured condominium community under $20,000 per unit” says Donaldson. “The distressed nature of the property being offered as a short sale, coupled with high vacancy, created a value-add scenario for the new buyer, who plans to rebrand the property and establish market rent and occupancy levels.”
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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.