ORLANDO, Fla., June 4, 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 Palm Grove, a 140-unit apartment property located in Orlando, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,150,000.
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 limited liability company. They also secured and represented the buyer, a limited liability company.
“Palm Grove Apartments presented an opportunity to obtain a recently renovated property centrally located near several major employment centers in Orlando, Florida. With 100 percent occupancy at the time of sale and below market in-place rents an investor can raise rents nearly $100 upon takeover,” says Meoli.
“Given the high demand for multifamily products in Orlando we generated over 260 registered buyers from 29 states and five countries through our national marketing campaign,” says Donaldson.
Palm Grove is a multifamily community consists of 140 large one and two-bedroom units in south Orlando. Over the past 12 months, the property has undergone approximately $4.4 million in capital improvements. The community has excellent frontage to South Orange Blossom Trail which has an average daily traffic count of 62,000 vehicles per day. Palm Grove is located at 1200 Holden Avenue in Orlando, 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 over 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