BRADENTON, FL, November 1, 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 Forest West, an 17-unit apartment community located in Bradenton, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,500,000 and has the ability to add an 18th unit.
Adam Podbelski, 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, an individual/personal trust, was secured and represented by Podbelski, Meoli and Donaldson.
Forest West is currently a 17-unit, garden-style apartment community located minutes from the scenic Sarasota bay at 5025 26th Street West in Bradenton, Florida. The property consists of nine, two-story buildings on an approximate 2.39 acre lot. The buildings are comprised of four, one-bedroom/one-bathroom units with approximately 987 rentable square feet; four, one-bedroom/one-and-one-half-bathroom lofts with approximately 1,200 rentable square feet; eight, two-bedroom/two-bathroom units with approximately 1,100 rentable square feet; and one, six-bedroom unit with approximately 2,600 rentable square feet. The community amenities include a swimming pool and sun deck, quiet park-like setting, on-site laundry facility, washer and dryer connections and ample parking.
“This asset offered a strong value-add opportunity by continuing the strategic unit renovations and completing the 18th unit,” says Podbelski.
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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