GAINESVILLE, Fla., Dec 28, 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 Hampton Oaks Luxury Apartments, a 162-unit apartment property located in Gainesville, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $17,820,000.
Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership and the buyer, a limited liability company.
“We continue to see national investors target secondary locations throughout Florida as yields tighten in primary markets,” says Meoli. “Through our national marketing campaign, we generated 323 registered buyers and produced 14 offers creating a highly competitive market,” adds Donaldson.
Built in 2004, Hampton Oaks is situated on approximately 8.76 acres of land and is comprised of nine three-story residential buildings and a freestanding clubhouse. Hampton Oaks Luxury Apartments is located at 124 SW 62nd Street in Gainesville, 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