DELAND, FLA., August 16, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Howry Garden, a 16-unit apartment property located in DeLand, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $425,000.
Michael Donaldson and Nicholas Meoli, senior associates in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. Joe LaFleur, senior associate, and John Pullman, associate in the firm’s Orlando office secured the buyer of the property, a private investor from Orlando.
Howry Garden is located in the historical city of DeLand, Florida at 312 West Howry Avenue. This 1966-built complex consists of four, two-story buildings situated on .82 acres of land. Each unit is equipped with central heat and air-conditioning and residents have access to an on-site carport for their vehicles. The complex is comprised of 16 two-bedroom and two-bath units at 1,037 rentable square feet.
“Howry Garden was a prime example of another distressed asset obtaining near market level pricing,” said Donaldson in a statement. “Even just a year ago, we would have seen substantially lower offers coming in on a short sale like this property.”
“With such active buyer demand these days, not only did we obtain a great price per unit for the property, but the buyer also secured new attractive bank financing, which used to be extremely difficult to obtain for distressed assets in the past”, 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.