HUDSON, FL, August 22, 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 Ridgestone Apartments, a 112,552-square foot multifamily community in Hudson, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,570,000.
Francesco P. Carriera and Michael P. Regan, both first vice president investments 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 Carriera and Regan.
“The buyer saw an opportunity that was more attractive than those in South Florida for an equal quality product of similar vintage,” says Carriera. “The buyer plans to add value by implementing an interior renovation program.”
Ridgestone Apartments is 136-unit multifamily community located at 12429 Little Road in Hudson, Florida, which is in Pasco County. The property consists of eight, two-story residential buildings and a single-story building that serves as the clubhouse, leasing office, business center and fitness center. The residential buildings are comprised of 64 one-bedroom/one-bathroom units with 761 rentable square feet, 16 two-bedroom/one-bathroom units with 802 rentable square feet and 56 two-bedroom/two-bathroom units ranging from 902 to 965 rentable square feet. The buildings sit on an approximately 26.67 acre parcel of land, and amenities include washer and dryer connections in all two-bedroom units, on-site laundry facility, fitness center, business center, clubhouse and a resort-style pool.
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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