BRADENTON, Fla., May 7, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Belmont Park, a 234-unit apartment property located in Bradenton, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $9,360,000.
Nicholas Meoli, senior associate and Michael Donaldson associate vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sarasota, Florida. The listing agents also secured the buyer of the property a New York based private investor.
Belmont Park was built in 1971 and is located at 4300 18th Street West in Bradenton, Fla.
“The Belmont Park transaction shows the continued demand for value-add opportunities in secondary markets as competition has increased considerably in primary locations,” says Meoli.
“The buyer was a savvy out-of-state investor in a 1031 exchange and closed within 35 days from the executed contract,” adds Donaldson.
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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