BRADENTON, FLA., March 7, 2016 – 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 Avalon Square, a 154-unit multifamily community located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $9,800,000.
Francesco P. Carriera, vice president investments, and Michael P. Regan, first 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. The buyer, a private investor, was secured and represented by Francesco P. Carriera and Michael P. Regan.
Avalon Square is a 154-unit multifamily community located at 3506 14th Street West in Bradenton, Florida. The property consists of 15 two-story residential buildings and one, one-story clubhouse. The residential buildings are comprised of 19 efficiency units with 545 rentable square feet, 40 one-bedroom/one-bathroom units with 800 rentable square feet, 28 two-bedroom/one-bathroom units with 1,014 rentable square feet, 28 two-bedroom/two-bathroom units with 1,014 rentable square feet and 39 three-bedroom/two-bathroom units with 1,187 rentable square feet. All units have central heating and air-conditioning, and the buildings sit on an approximately 9.81 acre parcel of land. Amenities include an on-site laundry facility, tennis court, clubhouse and a pool.
“Bradenton continues to post strong rental growth numbers with rental increases at approximately 6.5 percent from this time last year,” says Regan. “This ranks the Bradenton/Sarasota market in the top 10 nationally among secondary markets. With the lack of supply in the immediate market, it should remain that way in the near future.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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