ORLANDO, FL, December 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 Willow Bend, a 192-unit apartment community located in Orlando, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,525,000.
Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, procured the buyer.
“The sale of Willow Bend Apartments represented another transaction involving the ability of our team to identify value-add opportunities through our proprietary market analysis,” says Donaldson. “Having closed several transactions in the immediate area, we were cognizant of the pinnacle for area market rents and saw potential to raise rents substantially at Willow Bend both organically and through additional strategic renovations.”
“By working with one of our repeat clients and showing them this upside, we were able to identify outsized future returns in lieu of the underperforming trailing financials which ultimately led to another successful transaction,” adds Meoli.
Willow Bend is a 192-unit apartment community built in 1974 and located at 4757 Silver Star Road in Orlando, Florida. The unit mix consists of 168 one-bedroom/one-bathroom units with approximately 728 rentable square feet and 24 two-bedroom/one-bathroom units with approximately 734 rentable square feet.
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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