ORLANDO, Fla., October 2, 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 Mendel, a 14-unit apartment property located in Orlando, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,290,000.
Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured byMiles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp
“Due to our marketing capabilities we were able to attract several written offers before eventually awarding the deal to a buyer out of California. The buyer was attracted to the location, demand and occupancy history, which ultimately allowed us to achieve such an aggressive price point,” said Tombrink.
Mendel is a 1970s vintage garden apartment community located in Orange County’s Orlando, Fla. The majority of Mendel’s tenants are students which offers consistent stability and rent growth.
The building is situated on 0.81-acres providing a low density, park-like feel. Built in the 1970s of concrete block construction, the community consists of one, two-story building with a flat roof. Twelve of the 14 units have been renovated within the last four years featuring fully appointed kitchens and baths, functional layouts and tile flooring. The property consists of 12, one-bedroom/one-bath units averaging 550 square feet and two, two-bedroom/one-bath units averaging 800 square feet. Mendel is in direct proximity to the University of Central Florida- the country’s second largest university. Mendel is located at 11600 Mendel Drive in Orlando, Fla.
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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