SANFORD, Fla., April 24, 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 Aqua Links & Stonebridge Pointe Portfolio, a 260-unit apartment property located in Sanford, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $18,100,000.
Francesco P. Carriera, Michael P. Regan, Cameron Barbas, and Joshua Teplitzky, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. In addition, the group secured and represented the buyer, a private investor. Aqua Links and Stoneridge Pointe is a 260-unit multifamily portfolio located in Sanford, Florida which is in Seminole County.
“These assets garnered an immense amount of attention for out of state capital. There is a shortage of quality work force housing in and around Sanford which made this asset extremely marketable,” says Mr. Regan.
Aqua Links, constructed in 1991, consists of 16 two-story residential buildings. The residential buildings consist of 104 two-bedroom/two-bath units with 784 rentable square feet and 36 three-bedroom/one-and-one-half-bath units with 946 rentable square feet. The property sits on approximately a 9.07-acre parcel of land.
Stoneridge Pointe, constructed in 1973 and 1975, consists of six, one-story and a combination of six one and two-story residential buildings. The residential buildings consist of four efficiency units with 500 rentable square feet; 36 one-bedroom/one-bath units with 610 rentable square feet; four, one-bedroom/one-bath units with 650 rentable square feet; 56 two-bedroom/one-bath units with 970 rentable square feet; four, two-bedroom/one-and-one-half-bath townhome units with 1,000 rentable square feet; and 16 three-bedroom/two-bath units with 1,150 rentable square feet. The property sits on a 9.18-acre parcel of land.
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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