ROCKLEDGE, Fla., June 6, 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 Winbrook Apartments, a 12-unit multifamily property in Rockledge, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for$820,000.
Nicholas Meoli, Michael Donaldson and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, alimited liability company. They secured and represented the buyer, a limited liability company.
“After marketing the property for just 30 days we were able to generate nine offers within that time, ultimately getting the buyer to step up to within 99 percent of our list price. After overcoming several hurtles during inspections, we were able to get the buyer close at our contract price within 70 days of the executed contract. We closed at one of the highest price per unit sales in Rockledge history,” says Hague.
Winbrook Apartments is a 12-unit multifamily property located just off Fiske Boulevard, a major local arterial which is less than a mile from Rockledge Country Club and minutes from the Atlantic Beaches. Winbrook Apartments is a turnkey property with nearly an eight percent cap rate upon takeover. Winbrook Apartments is located at 1708 Elm Street in Rockledge, 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