TAMPA, FLORIDA, June 7, 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 Aaran’s Walk Condominiums, a 109-unit out of 112 unit bulk condominium offering located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,362,650.
Michael Donaldson and Nicholas Meoli, Senior Vice President Investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa based limited liability company. The buyer, also a limited liability company, was secured and represented by Michael Donaldson and Nicholas Meoli.
“The Aaran’s Walk offering was a rare opportunity to acquire a value-add fractured condominium community from the original converter”, says Donaldson. “While most fractured communities went into foreclosure or were sold off over the last 10 years, this community was still owned by the original converter with only three units sold to other owners and offered tremendous upside through continued renovations and improved occupancy.”
“Through our proprietary national marketing platform, we generated substantial interest as evidenced by 225 registered buyers and 15 offers submitted”, adds Meoli. “The ultimate buyer plans on infusing capital to enhance the property and take advantage of the attractive floor plans and central location close to major employment, retail and the University of South Florida” concludes Meoli.
Aaran’s Walk Condominiums is located at 13101 Aarans Pond Drive in Tampa, Florida. The property was built in 1972 of concrete block construction and features a unit mix of (49) one-bedroom and one-bathroom units, (52) two-bedroom and one-bathroom units and (8) two-bedroom and two-bathroom units.
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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