SOUTH DAYTONA, FL, May 2, 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 Spanish Villas, a 56-unit apartment property located in South Daytona, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.
Allan Holbrook, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Michael Donaldson, Nicholas Meoli and Allan Holbrook.
Spanish Villas is a 56-unit apartment community consisting of eight, two-story buildings located at 1648 Palmetto Avenue in South Daytona, Florida. Built in 1974, the buildings are comprised of 13 one-bedroom/one-bathroom units with 710 rentable square feet, 16 two-bedroom/one-bathroom units with 938 rentable square feet, and 27 two-bedroom/two-bathroom units with 1,010 rentable square feet.
“Spanish Villas is an attractive mid-size community in the Daytona Beach market with large floor plans, most of which were two-bedroom units,” says Donaldson.
“The out-of-area buyer found the consistent income stream appealing and saw an ability to increase revenue through further rent increases and various property improvements,” adds Holbrook.
“Through our national marketing campaign, we generated 100 registered buyers and seven written offers, ultimately closing within 96 percent of the list price,” concludes Meoli.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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