ZEPHYRHILLS, Fla., December 27, 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 6th Street Portfolio, an eleven unit apartment property located in Zephyrhills, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $400,000.
Luis Baez and Miles Tombrink, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor and represented thebuyer also a private investor. “Through our marketing efforts we were able to generate five property tours within one week of our campaign launch before going into contract with a local experienced buyer willing to do a two-day due diligence period and close within four weeks, says Tombrink.”
The 6th Street Portfolio presented the opportunity to invest in two multifamily assets located steps away from each other maximizing operating efficiencies. The 6th Street Portfolio is a 1940’s vintage, garden apartment portfolio consisting of two communities, 5112 6th Street and 38332 5th Avenue, totaling 11 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