LARGO, Fla., January 16, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Ridge, a 137-unit multifamily community located in Largo, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,725,000.
Nicholas Meoli, and Michael Donaldson, senior associates in the Tampa, Fla. office of Marcus & Millichap had the exclusive listing to market the property on behalf of the local seller, a limited liability company. The buyer, a private investor based in New Jersey, was also secured by Meoli and Donaldson.
Oak Ridge Apartments was built in 1974 and consists of 30, two-story buildings located at 13333 Ridge Road in Largo, Fla. The buildings are comprised of one-, two and three bedroom units situated on a spacious 10.85-acre split lot. Common area amenities include two swimming pools with clubhouses, two, on-site laundry facilities, a playground and ample parking. Unit amenities include central air-conditioning, private balconies and patios, washer and dryer connections and full kitchens.
“With a strong location that fronts Ulmerton Road, significant upside through strategic renovations, and large, two-story units, Oak Ridge Apartments commanded 14 offers in less than four weeks with our national marketing campaign,” says Meoli. “We are continuing to see investors aggressively target the Tampa Bay area and foresee high occupancies with continued rent growth throughout 2014,” adds 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.