MELBOURNE, Fla., July 5, 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 Wickham Village, a 151-unit apartment property located in Melbourne, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $14,600,000.
Michael Donaldson and Nicholas Meoli, senior investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller. The buyer was also secured and represented by Michael Donaldson and Nicholas Meoli.
“Wickham Village was the final property to be sold as part of the Tripointe Value-Add Portfolio which consisted of 1,161 units in seven properties throughout North and Central Florida”, said Donaldson. “Within the portfolio, Wickham Village had some of the most upside potential to significantly raise rents through a renovation program and capitalize on the positive trends taking place on the Space Coast.”
“While 60 offers were generated on all the seven properties, a Tampa-based portfolio buyer ultimately purchased all seven properties and closed at the contract price of $103,000,000” adds Meoli. “We expect to see continued demand for portfolio purchases in order for larger investment groups to meet capital placement requirements and to grow a presence in Florida’s attractive economic climate.”
Wickham Village has an excellent location, with frontage on Wickham Road with 35,000 vehicles per day. The site has several convenient transportation options with proximity to major thoroughfares Interstate 95, State Road 528, and US-192, as well as the Orlando Melbourne International Airport, which is within a few minutes’ drive. The property is in a strong employment area within walking distance to the 113-bed Wuesthoff Medical Center and a working population of 138,000 within a five-mile radius. Also, Wickham Village has excellent nearby retail options including Wal-Mart Supercenter, Dollar Tree, Staples, Old Time Pottery Melbourne, Harbor Freight Tools, and ALDI.
Wickham Village also provides a rare value-add opportunity to increase gross revenue by over $600,000 within the first two years, this property is located at 500 North Wickham Road in Melbourne, FL.
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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.