DAYTONA BEACH, Fla., May 21, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Newport Waterfront Condominiums, a 39-unit condominium community located in Daytona Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,145,000 or $55,000 per unit.
Michael Donaldson, a senior multifamily associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the south Florida-based sellers. Donaldson also procured and represented the buyer, a limited liability company also based out of south Florida.
Newport Waterfront Condominiums was built in 1972 and is located at 900 South Peninsula Drive. Built as an apartment community, the property was converted to condominiums in January of 2007 and consists of two buildings. One building has 30 two-bedroom/one-bath units and the other building has nine, two-bedroom/two bath units, all facing the Halifax River.
“The Newport Condominiums generated a large amount of interest from the investment community, mainly due to the property having frontage to the Halifax River Intracoastal Waterway,” Donaldson said in a statement. “We received over 10 offers and eventually closed with a cash buyer for 12 percent above list price, at $55,000 per unit, one of the highest prices for a pre-1980s-built multifamily complex in Volusia County.” “With improving market conditions throughout central Florida, we will continue to see similar trades that break pricing thresholds that have not been attained since the height of the market,” concludes Donaldson.
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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 6,149 transactions in 2012, 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.