SARASOTA, Fla., March 7, 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 Addison & Pinecrest Arms Apartments, a 69-unit apartment property located in Sarasota, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $9,500,000.
Nicholas Meoli, Michael Donaldson, 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. Also, the buyer, a partnership, was secured and represented by Nicholas Meoli, Michael Donaldson and Adam Podbelski.
“The Addison and Pinecrest Apartments are very well-maintained boutique apartment complexes located within a few blocks from each other. Given their original 1970’s interior condition we were able to uncover over $200 in rental premiums by completing interior renovations increasing the potential gross revenue by 33 percent,” says Meoli. “With the high barrier to entry market of Sarasota, we generated offers from 25 states throughout the country an ultimately closed with an investor in a 1031 exchange,” says Donaldson.
The Addison Apartments and Pinecrest Arms have an excellent location on Beneva Road with easy access to the University Town Center, Interstate 75, downtown Sarasota and several Gulf Coast Beaches. The Addison & Pinecrest Arms Apartments is located at 3701 Webber Street in Sarasota, 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