OCALA, Fla., November 14, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage House I and II, a 202-unit apartment property located in Ocala, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,676,000.
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a limited liability company based in West Palm Beach. The local buyer, a limited liability company, was also secured by Donaldson and Meoli.
Carriage House I and II consists of two multifamily properties located less than a quarter-mile from each other at 2701 Northeast 7th Street in Ocala, Fla. Carriage House I was constructed in 2004 and is comprised of 130 units and Carriage House II was constructed in 2003 and has 72 units. The unit mix consists of 39 one-bedroom/one-bathroom units; 87 two-bedroom/one-and-a-half bathroom townhouse units and 76 three-bedroom/two-bathroom units. Property amenities include two sparkling swimming pools, a leasing office, washer and dryer connections in all units, and garages in all one-bedroom units.
“Although Carriage House was located in a tertiary market, we were able to generate tremendous interest, procuring 14 offers in 30 days from domestic and international investors,” said Donaldson in a statement.
“Due to the desirable attributes of the property, such as the 2003-2004 construction, low price per square foot, and a unit mix consisting of a majority of two and three-bedroom townhomes, we ultimately sold the property at full asking price,” adds Meoli.
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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.