LAKE CITY, Fla., September 18, 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 Lake City Florida Portfolio, a 112-unit multifamily portfolio located in Lake City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,310,000.
Joshua Teplitzky, associate, Michael P. Regan and Francesco P. Carriera, both vice presidents investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Tampa-based seller, a private investor. The listing agents also procured the buyer of the property along with John E. Brigel, a vice president investments also in the Tampa office.
Lake City Florida Portfolio is located at 1442 Northwest Wayne Place in Lake City, Fla.
This portfolio consists of Columbia Arms Apartments, Wayne Manor Apartments and Greentree Apartments. Wayne Manor and Greentree Apartments are located on adjacent parcels, and Columbia Arms is located within approximately two miles (a six minute commute). There are 12 residential, two-story buildings, one residential one-story duplex and two, one-story buildings that house laundry facilities. The residential buildings are comprised of one and two-bedroom units.
“Marcus & Millichap again demonstrated the tremendous strength of its unparalleled national platform,” says Brigel. “We had an asset that needed the ‘perfect’ buyer, and due to our national platform, we were able to procure an out-of-state buyer,” voiced Brigel and Teplitzky. “This was a value add opportunity in a tertiary submarket.”
“There was a significant amount of interest from buyers all over Florida in primary and secondary markets, as the amount of short-sale/bank opportunities like this one are hard to come by in those markets,” adds Teplitzky. “Through the competition of multiple offers and exposing the portfolio on a national level, we were able to transfer capital across state lines,” concludes Teplitzky.
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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