NEW SMYRNA BEACH, Fla., October 2, 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 Marchi Apartments, a 37-unit apartment property located in New Smyrna Beach, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,360,000.
For Marcus & Millichap, Michael Donaldson, a vice president investments and Nicholas Meoli, a senior associate in the firm’s Tampa office, along with Johnny Pullman, an associate in Marcus & Millichap’s Orlando office represented the seller, a private investor from Florida.
Joe LaFleur, a senior associate and Christopher Minchin, an associate, both in the firm’s Orlando office represented the buyer, a New York-based private investor.
Marchi Apartments was built around 1980 and is located at 1050 Wayne Avenue in New Smyrna Beach, Florida. This garden-style, multifamily community is located across from the New Smyrna Beach Municipal Golf Course and is only five minutes from the Atlantic beaches.
The property consists of six buildings of frame construction resting on approximately 4.2 acres and includes a 1.5 acre fish pond. It has recently been renovated with upgrades to the units including new carpeting, tile flooring, fixtures and windows. There is a highly desirable unit mix of 24 two-bedroom/one-bath units and 13 three-bedroom/two-bath townhouses. Each unit features washer and dryer hookups in a utility closet that can also be used for storage.
“The Marchi Apartments was one of the most sought-after offerings that we’ve had in recent months due its desirable unit mix of all two and three-bedroom spacious floor plans, high occupancy level and future growth potential” says Donaldson. “Our marketing campaign generated over 150 registered buyers from throughout the country, as well as international markets, which resulted in 11 offers and an ultimate closing with a 1031 exchange buyer based in New York,” adds Meoli.
“With 1031 exchanges becoming more and more prevalent, we are continuing to see sellers gravitate towards buyers in exchange scenarios due to their time constraints, hence a higher probability of closing,” concludes Pullman.
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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