ZEPHYRHILLS, Fla., May 29, 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 Townview Apartments, a 46-unit apartment property located in Zephyrhills, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,100,000.
Jason Hague, an investment associate, Michael Donaldson, associate vice president investments, and Nicholas Meoli, senior associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller, a limited liability company. The listing agents procured the buyer of the property, a foreign purchasing entity, from Canada.
Townview Apartments is located at 38140 Townview Avenue in Zephyrhills, Florida. The property consists of four, two-story buildings on approximately 2.83 acres of land. The buildings are comprised of 18 one-bedroom/one bath units, 12 small two-bedroom/one-bathroom units and 16 large two-bedroom/one bathroom units. The complex is constructed of concrete block and stucco and was built in four stages between 1986 and 1993. Amenities include on-site laundry facilities in each building and a swimming pool.
“By emphasizing the high historical occupancy level, positive physical attributes and desirable location next to a major hospital within the Zephyrhills submarket, we were able to attract a multitude of domestic and international buyers,” says Hague. “This has ultimately allowed us to close within 94 percent of the list price in one of the highest priced apartment trades in the submarket’s recent history.”
# # #
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