BRADENTON, Fla., March 1, 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 Bradenton Palms, a 32-unit apartment property located in Bradenton, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,100,000.
Michael Donaldson, Nicholas Meoli and Adam Podbelski, 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. The buyer, a private investor, was secured and represented by Evan Griffith and Tony Pepdjonovic, investment specialists in Marcus & Millichap’s Boston office, along with Michael Donaldson, Nicholas Meoli and Adam Podbelski.
“Being a fully-stabilized community located directly on one of the city’s major thoroughfares, Bradenton Palms garnered substantial interest from day-one. Moreover, as established rental premiums were being achieved for approximatly 25 percent of the upgraded units, the value-add component of this community helped us build a competitive bidding environment and ultimately closed at contract price with a non-contingent, 1031 buyer at an approximate capitalization rate of 5.4 percent,” says Mr. Podbelski.
Bradenton Palms is a 32-unit apartment community located in Bradenton, Florida. Bradenton Palms offers a desirable unit mix of all large two-bedroom floor plans with strong value-add opportunity by continuing to bring current rental rates to market. The subject property is located at 2309 Manatee Avenue West in Bradenton, 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