JACKSONVILLE, FL, October 6, 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 Tradewinds Apartment Homes, a 85-unit apartment property located in Jacksonville, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,800,000.
Megan D. Johnson, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, all 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 Johnson, Meoli and Donaldson.
Tradewinds Apartment Homes is an 85-unit, garden-style community located at 5717 Timuquana Road in Jacksonville, Florida. The community consists of 12 buildings and rests on approximately 2.32 acres. The unit mix is comprised of two studio units with 500 rentable square feet; 44, one-bedroom/one-bathroom units with 550 rentable square feet; five, two-bedroom/one-bathroom cottage units with 850 rentable square feet; 14, two-bedroom/one-bathroom units with 950 rentable square feet; 18, two-bedroom/one-bathroom units with 875 rentable square feet; one, two-bedroom/one-bathroom townhome unit with 950 rentable square feet and one, three-bedroom/one-bathroom single family home with 1,000 rentable square feet.
“Tradewinds Apartments Homes represented an excellent opportunity to acquire a favorable in place return with a value add component,” said Meoli. “The buyer intends to capitalize on below market rents by implementing strategic interior and exterior renovations,” adds Donaldson.
“Through our national marketing campaign we generated 14 offers from investors throughout the country, and ultimately closed with a 1031-exchange buyer,” concluded Johnson.
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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