DAYTONA BEACH, Fla., November 16, 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 Twin Oaks Apartments, a 24-unit apartment property located in Daytona Beach, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,345,000.
Jason Hague, Michael Donaldson and Nicholas Meoli, 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 Jason Hague, Michael Donaldson and Nicholas Meoli.
“Throughout the marketing process we brought a multitude of offers and buyers from around the country. We ended up moving forward with a buyer based out of New York who was able to secure very attractive agency financing, and although we came across several speed bumps along the way, we were able overcome these issues and close within 70 days at our contract price,” says Hague.
Twin Oaks Apartments multifamily community with an attractive unit mix of majority two-bedroom units. Originally built in 1972 of concrete block construction, the community is 96% occupied. Twin Oaks Apartments are located within close proximity to ‘World Famous” Daytona Beach, the Daytona International Speedway and the Daytona Beach International Airport, plus beautiful public parks. Twin Oaks Apartments is located at 1217 Kennedy Road 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