CRYSTAL RIVER, Fla., July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the Mayo Drive Apartments, a 32-unit apartment portfolio located in Crystal River, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $610,000.
Michael Donaldson, senior associate in Marcus & Millichap’s Tampa office represented the seller, a financial institution. New Miami International Realty represented the buyer, a limited liability company based in Florida.
The Mayo Drive Apartments are located at 8570, 8590 and 8710 West Mayo Drive in Crystal River, Florida and was offered as a portfolio of 32 apartment units in three different buildings on three different parcels of land. All three buildings are less than a tenth of a mile from each other and all are located off U.S. Highway 19.
The 32 apartment units consist of 13 studios, 9, one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units, all situated on a total of 2.71 acres of land. Two of the buildings were constructed in 1985 and consist of frame construction with vinyl siding and the third building was built in 1988 of frame with aluminum siding.
“Being a foreclosed property, Mayo Drive was one of the few remaining fully vacant communities that offered tremendous upside by way of lease up,” said Donaldson in a statement. “Our marketing campaign generated substantial interest and we ultimately closed with a cash buyer at an exceptional price for an REO in the Crystal River 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 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.