DAYTONA BEACH, Fla., October 18, 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 Osprey Landings, a 108-unit apartment property located in Daytona Beach, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $11,700,000.
Francesco P. Carriera and Michael P. Regan, 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 and represented by Francesco P. Carriera and Michael P. Regan.
“The buyer saw an opportunity to continue a proven interior upgrade in exchange for monthly rent premiums to the tune of $270-$300,” says Mr. Regan.
Osprey Landings is a 108-unit multifamily community located in Volusia County’s Daytona Beach, Fla. The property was built in 1985 and features a unit mix of 33 percent one-bedroom/one-bathroom units with 700 rentable square feet and 67 percent two-bedroom/two-bath units with 1,000 rentable square feet. The community amenities include a basketball court, fitness center, picnic areas, scenic lakes views, tennis court and swimming pool. Osprey Landings is located at 1756 South Clyde Morris Boulevard in Daytona Beach, 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