ORLANDO, FLORIDA, June 19, 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 Courtyard Villas, a 80-unit apartment property located in Orlando, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,525,000.
Michael Donaldson, Nicholas Meoli, both senior vice president investments in Marcus & Millichap’s Tampa office and Duane C. Anderson, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, an Orlando based private group. The buyer, a Miami based limited liability company, was secured and represented by Michael Donaldson and Nicholas Meoli.
“Courtyard Villas received tremendous interest from the market as investors continue to gravitate towards the strong rental growth taking place in Orlando,” says Donaldson. “Having all two bedroom units, a consistent high occupancy and room to raise rents through renovations in a metro that led the nation in job growth last year, it is no surprise that we closed on the property at full asking price,” adds Meoli. “By broadly exposing the property through our proprietary marketing platform, we were able to generate 11 offers and ultimately sold the asset to an out of area buyer with this being their first acquisition in Orlando.”
Courtyard Villas is located at 3764 South Rio Grande Avenue in Orlando, Florida.
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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