WINTER HAVEN, FL, August 24, 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 Howard Landing, a 27-unit apartment community located in Winter Haven, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,125,000.
Ned Roberts, associate, Michael Donaldson, vice president investment, and Nicholas Meoli, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Roberts, Donaldson and Meoli.
The asset sold within 3.5 percent of the list price with a 7.34 percent capitalization rate. It closed in 64 days with the first contracted buyer, whom the Meoli-Donaldson Partners sourced through their exclusive proprietary database of active multifamily investors.
“The buyer typically focuses on core Tampa Bay submarkets,” says Roberts. “This transaction is evidence of the growing appeal of tertiary markets for investors seeking greater yield compared to more traditional core markets.”
Howard Landing is a 27-unit, multifamily community located steps from the shores of Lake Howard at 2007 and 2101 Avenue G Northwest in Winter Haven, Florida. The property is comprised of 11 buildings situated on two parcels totaling approximately 2.27 acres. Built of concrete block construction between 1977 and 1980, all of the units feature two-bedroom/one-bathroom floor plans of approximately 800 rentable square feet. All of the units include washer/dryer connections and approximately 80 percent of the units have been upgraded with tile flooring and new appliances, cabinetry and countertops.
“Polk County was particularly attractive to the buyer with year-over-year employment gains and future job growth expectations there exceeding state averages,” concludes Roberts.
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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