ORLANDO, FL, August 16, 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 188 condominiums located in Orlando’s Los Robles Condominiums, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $8,084,000.
Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, secured and represented the buyer, a limited liability company based in Ormond Beach, Florida.
Los Robles Condominiums is located at 4500 Silver Star Road in Orlando, Florida, and the sale included 188 out of the 200 total units. The unit mix consisted of 46, one-bedroom/one-bathroom units with 765 rentable square feet, 126 two-bedroom/two-bathroom units with 1,000 rentable square feet and 16 three-bedroom/two-bathroom units with 1,200 rentable square feet.
“Los Robles was an exceptional opportunity for our buyer to capitalize on a near stabilized bulk condominium with majority ownership of the association intact,” says Donaldson.
“With spacious floor plans, attractive renovations that took place during the condo conversion in 2007 and continued further improvements by the buyer, Los Robles will prove to be one of the most attractive rental communities in the submarket,” 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