PORT RICHEY, FLA., April 4, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Grand Boulevard Apartments, an eight-unit apartment property located in Port Richey, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $400,000.
Jason Hague, an investment specialist, Michael Donaldson and Nicholas Meoli, senior associates, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. The listing agents procured the buyer of the property, an individual, based in Merritt Island, Fla.
Grand Boulevard Apartments was built in 1946 is located on the Cotee River at 7606 Grand Boulevard in Port Richey, Fla. The property is situated on approximately .49 acres of land and includes, four, one-story buildings comprised of a studio unit, five, one-bedroom/one bathroom units, a one-bedroom/one-bathroom cottage and a 1,200 rentable square foot, two-bedroom/one-bathroom house. Residents have access to an on-site laundry facility, a swimming pool and a dock that sits on the Cotee River.
“By emphasizing the strong location and desirable return of this asset throughout our national marketing campaign, we were able to generate numerous offers, which ultimately allowed us to close within twenty-one days from the executed contract date with a seasoned, out-of-the-area buyer,” says Hague.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com