TITUSVILLE, FLORIDA, June 8, 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 The Dolphins, a 96-unit apartment property located in Titusville, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,325,000.
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, an Orlando based partnership. The buyer, a Pennsylvania based limited liability company, was also secured and represented by Michael Donaldson and Nicholas Meoli.
“While generating investor interest in the Titusville area six years ago was a tough feat due to the great recession’s financial crisis coupled with thousands of employees being laid off at the nearby Kennedy Space Center, the area has rebounded exceptionally well in present times,” says Donaldson. “With thousands of new jobs coming online in the private space, defense, technology and tourism sectors on the Space Coast, we have seen occupancy and rents rise back to pre-recession levels in the Titusville area.”
“The Dolphins Apartments was an excellent opportunity for an investor to take advantage of this growth taking place in the market,” says Nicholas Meoli. “By highlighting the healthy market fundamentals and positive economic activity on the horizon, we were able to generate 11 offers from investors all over the country and close within 96% of our list price.”
The Dolphins is located at 915 South Park Avenue in Titusville, Florida. The property was built in 1967 and consists of (34) one-bedroom and one-bathroom units and (62) two-bedroom and one-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