GAINESVILLE, Fla., November 27, 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 East Side Garden Apartments, a 54-unit apartment property located in Gainesville, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.
Jason Hague, Duane C. Anderson, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa and Orlando offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Duane C. Anderson, Jason Hague, Michael Donaldson and Nicholas Meoli.
“East Side Garden was an excellent value-add opportunity to acquire an unrenovated community in a good location in Gainesville,” says Jason Hague. “The property was held by the seller for more than 40 years, making the property prime for a value-add play to renovate the entire complex and bring rents to market levels of nearby competing communities,” adds Duane Anderson.
East Side Garden Apartments is situated less than two miles from the University of Florida with over 50,000 students enrolled annually. The community is located two blocks from the main thoroughfares of State Road 24 and 26, which sees over 44,700 cars daily. East Side Garden Apartments offers an attractive unit mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom and is 98% occupied. Amenities at East Side Garden Apartments include covered parking and on-site laundry facilities.
East Side Garden Apartments is located at 303 NE 9th Street in Gainesville, 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