NEW PORT RICHEY, FLORIDA, April 18, 2017 – 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 Palm Garden & Porter Road, a 71-unit apartment property located in New Port Richey, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,200,000.
Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists 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 limited liability company, was secured and represented by Jason Hague, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office.
“Palm & Porter was a 71 unit, two property portfolio located in New Port Richey. We initially received a fair amount of push back from the buyer pool due to the split parcels, however, we were able to overcome this with the help of our Marcus & Millichap Capital Corporation who was able to procure very attractive, non-recourse financing through a local lender. This helped increase the overall return which in turn attracted more investors, allowing us to close within 97% of list price” says Jason Hague, associate in Marcus & Millichap’s Tampa office.
Palm Garden & Porter Road is located at 5321 Beach St and 6807 Porter Road in New Port Richey, Florida. The portfolio consists of 16, one and two-story buildings. The buildings are comprised of 33 one-bedroom/one-bathroom units and 38 two-bedroom/one-bathroom units. Amenities include central heat and air-conditioning, ample on-site parking and washer/dryer connections in 41 out of the 71 units. The properties sit on a total of 3.83 acres of land. Palm Gardens & Porter Road are conveniently located 1.3 miles away from each other.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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