LARGO, Fla., June 11, 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 Villa des Chenes, a 38-unit apartment property located in Largo, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,200,000. At $84,211 per-unit this transaction represents the highest per unit trade for a 1960’s built multifamily investment sale, in Largo history.
Sebastian Harris, Adam Podbelski, Ned Roberts, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, represented the seller, a private investor. They also secured and represented the buyer, a limited liability company.
“The seller agreed to let us market the property because they understood our ability to source buyers who see the future of value in assets like this,” says Harris. “The asset has fantastic frontage on West Bay Drive and was attractive to the buyer due to the fact that it is directly across the street from Largo Medical Center,” says Pobdelski. “This transaction is indicative of the value-add opportunities investors continue to seek, as investor and tenant demand for apartments remains very high,” says Roberts. “The buyer exchanged out of a property in the Northeast, and like many other investors, is excited about the growth in the Tampa Bay area,” added Harris.
Villa des Chenes is a 38-unit multifamily community located at 1500 West Bay Drive in Largo, 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