NEW PORT RICHEY, Fla.,  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 4641 Grand Boulevard, an 8-unit apartment property located in New Port Richey, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $375,000.

Sebastian Harris, Jason Hague, Ned Roberts, CCIM and Adam Podbelski, 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 limited liability company, was also secured and represented by Sebastian Harris, Jason Hague, Ned Roberts, CCIM and Adam Podbelski.

“We were able to drive over six offers and ultimately meet the Sellers’ goals,” said Harris. “This is another example of the type of value-add opportunities investors continue to seek,” added Hague.  

4641 Grand Boulevard is located in New Port Richey, Fla., and has an attractive unit mix of mostly two- and three-bedroom units. Originally built in 1972 of concrete block construction, the property is located just four-miles from the Gulf of Mexico and is not in a flood zone. The community is also less than one-mile form major thoroughfare and retail corridor U.S. Highway 19, which sees 57,000 cars daily.  

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.