CRYSTAL RIVER, Fla., July 10, 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 Crystal River Apartments, a 32-unit apartment property located in Crystal River, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,475,000.
Francesco P. Carriera, Michael P. Regan, Benjamin Skinner, Cameron S. 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.
“Built in the 1980’s, Crystal River Apartments presented a unique opportunity for investors to gain a strong cash flowing asset, located in a tertiary market with an expanding economy. The buyer was attracted to this property due to the number of units it offered, its location just north of the Tampa Bay MSA, and it’s a turn-key characteristic” stated Skinner.
Crystal River Apartments is located directly off of North Suncoast Boulevard the city’s major office and retail corridor, experiencing an average daily traffic count of over 29,000 vehicles per day. North Suncoast Boulevard offers exceptional access to the major employment center of the area, Duke Energy’s Coal and Nuclear Power Plant, a surplus of national retailers, numerous attractions and Crystal River Airport. Located less than twenty-minutes north of North Suncoast Boulevard is the Crystal River Coal and Nuclear Power Plant (2,000 plus employees), which is currently undergoing a massive expansion including the construction of the Citrus Combined-Cycle Natural Gas Plant. Crystal River Apartments is located at 8570 West Mayo Drive in Crystal River, 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