OCALA, Fla., April 12, 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 Azalea Garden, a 34-unit apartment property located in Ocala, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,000,000.
Jason Hague, 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. The buyer, a limited liability company, was secured and represented byJason Hague, Michael Donaldson and Nicholas Meoli.
“Through just 45 days of marketing we procured nine offers for the seller, ultimately going under contract with a Canadian investor. Although several major issues arose throughout the contract period, we were able overcome each hurtle that came our way and ended up closing at list price for one of the highest price per unit trades in Marion County history for properties under 100 units,” says Mr. Hague.
Azalea Garden is part of a conjoined 66-unit, two-property multifamily portfolio Ocala, Florida. The entire community is constructed on concrete block and it is situated less than one-quarter mile north of East Silver Springs Boulevard (State Road 40) in desirable Class B location. Ashley Court is located at 2281 Northeast Second Street in Ocala, Florida
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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