VENICE, Fla., January 26, 2018 – 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 Rialto, a 37-unit apartment property located in Venice, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,000,000.Adam Podbelski, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. Furthermore, the team represented the buyer, a limited liability company.“With very limited inventory available in Sarasota County, specifically high barriers-to-entry markets like the Island of Venice, The Rialto drew substantial interest from both regional and national investors. Furthermore, as it offered a very strong value-add opportunity, we were able to generate over 233 registered buyers and ultimately close with a strong national investor,” says Mr. Podbelski.Built in 1971, constructed of concrete block The Rialto sits on about one acre of land. The subject property has all two-bedroom units and the infrastructure to implement a strong value-add component. The Rialto is located on the Island of Venice at One Plaza Mayor in Venice, Florida.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
