BROOKSVILLE, FLA., February 19, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Hickory Crest, an 18-unit apartment community located in Brooksville, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $385,000.
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 local seller, a limited liability company, and also represented the buyer, a private investor.
Hickory Crest was built in 1983 and is located at 173 Hickory Street. The property consists of two eight-plex buildings and a duplex, all constructed of wood frame on a concrete slab resting on 1.36 acres of land. The unit mix consists of 18 two-bedroom and one-bath units ranging from 783 to 800 rentable square feet. Each unit contains full size washer and dryer connections, as well as central air-conditioning.
“Even though this property was almost 100 percent occupied at the time of sale, we were receiving a large amount of pushback due to the low cap rate,” says Donaldson. “However, we ended up closing with a local apartment owner who saw an opportunity to achieve greater income levels by adding aggressive advertising and management. We eventually closed at an excellent price per unit for the submarket.”
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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.