SARASOTA, Fla., Dec. 28, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Applegate Apartments, a 93-unit apartment property located in Sarasota, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,226,000.
Michael Donaldson, Nicholas Meoli, Adam Podbelski, Evan P. Kristol and Alec G. Bashein, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and produced the buyer, a limited liability company.
“With minimal inventory available in Sarasota County, Applegate Apartments was a highly sought-after asset by national and regional investors,” says Meoli. “We were able to identify over $125 rental premiums by implementing strategic renovations making Applegate a strong value-add opportunity,” adds Donaldson.
Applegate Apartments is located at 1500 North Lockwood Ridge Road, Sarasota, Florida, an excellent location with easy access to the University Town Center, Interstate 75, downtown Sarasota and a 15-minute drive of several Gulf Coast Beaches. The multifamily consists of two-story and three-story concrete block construction with concrete subfloors.
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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