JACKSONVILLE, FLA., October 15, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Villas at Bridgepoint, a 48-unit apartment property located in Jacksonville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,400,000.
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap, and Allan Holbrook, associate in the firm’s Jacksonville office, represented the local seller, a limited liability company. The buyer was also secured by Donaldson, Meoli and Holbrook and is a Florida-based partnership.
Constructed in 1987 on 3.28 acres, the 27,648-square foot Villas at Bridgepoint is composed of 48 units of modular frame construction in the Arlington submarket of Jacksonville, Florida. The unit mix consists of six studios with one-, two- and three-bedroom apartments. Units feature bookcases, all electric appliances, private, fenced-in patios and washer and dryer connections in the one and two-bedroom units. The property is located at 1500 Monument Road in Jacksonville, Florida.
“The sale of Villas at Bridgepoint to a local investor, was another example of a modular-built apartment selling at a non-distressed price” said Holbrook in a statement. “While most of the “cardinal” built communities that traded the last few years have been discounted due to short sales and foreclosure scenarios, we are starting to see a new batch of stabilized properties selling at market prices – another sign of the strengthening multifamily sector” 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.