BROOKSVILLE, Fla., February 11, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Ederington Village, a 19-unit garden apartment community located in Brooksville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $390,000 sales prices equates to $20,526 per unit.
Michael Donaldson and Nicholas Meoli, both senior associates and Casey Babb, CCIM and associate vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a private investor. The listing agents also procured the buyer of the property, a private investor, based in Brooksville.
Ederington Village is located at 60-98 Ederington Drive in Brooksville, Florida. The property was built in phases between 1960 and 1968 and consists of six, single-story, concrete block buildings with pitched shingle roofs. Buildings are built on concrete slabs and the 1.05-acre site features mature landscaping. The unit mix consists of a studio apartment and one- and two-bedroom units. All one-bedroom units feature individual air-conditioning units, while the two-bedroom units offer central HVAC.
“Numerous investors have been targeting secondary and tertiary markets, seeking value-add distress scenarios that are now typically extinct in major metropolitan areas, with this short sale being a prime example,” says Donaldson.
“A local investor saw an opportunity to upgrade the community and alleviate the deferred maintenance which had created a shortfall in the occupancy level,” adds Babb. “Ultimately, we were able close the transaction on an all-cash basis in less than 30 days, which marked our third multifamily closing in Brooksville in the last 12 months,” concludes 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.