NEW PORT RICHEY, Fla., July 26, 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 River Trace Apartments, a 40-unit apartment community located in New Port Richey, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,650,000.
Jason Hague, associate, Nicholas Meoli, vice president investments, and Michael Donaldson, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a foreign purchasing entity, was secured and represented by Hague, Meoli and Donaldson.
“Through our national and international marketing campaign we were able to generate an offer at 98 percent of the list price and put the property under contract with an international investor within two days of being on market,” says Hague. “The property went through significant condo grade interior renovations in 2006, which allowed us to achieve over $66,000 per unit, one of the highest price per unit sales achieved for an apartment community under 100 units in Pasco County history.”
River Trace Apartments is a 40-unit apartment community situated less than one mile west of U.S. Highway 19 at 5511 Executive Drive in New Port Richey, which is in Pasco County, Florida. The property consists of five buildings constructed in the late 1980’s, and sits on just under two acres of land. The unit mix consists of 40 two-bedroom/two-bathroom units approximately 1,035 rentable square feet. Every unit has gone through significant renovations including tile floor in the kitchen, granite countertops (select units), stainless steel appliances (select units), upgraded bathrooms and full washers/dryers in roughly half the units.
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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