CRYSTAL RIVER, Fla., August 14, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Summerhill at Meadowcrest, a 28-unit apartment property located in Crystal River, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,900,000.
Jason Hague, Adam Podbelski, Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Jason Hague, Adam Podbelski, Ned Roberts, CCIM.
“Summerhill was a typical multifamily transaction until COVID-19 hit the US, at which point all semblance of a typical transaction went out the window. Our team was able to expertly navigate the due diligence period despite the fact we were dealing with an international investor during a worldwide pandemic. It took a couple extra months to close due to delays with third parties. Meanwhile, keeping the buyer engaged and excited about the deal despite the uncertain times we were dealing with,” said Hague.
Summerhill at Meadowcrest is located at 6000 West Poplar Springs Circle in Crystal River, Fla. The community offers an attractive unit mix of two- and three-bedroom units with above average floor plans averaging 1,360-square feet. Summerhill at Meadowcrest is located just minutes away from the Suncoast Parkway Extension which has potential to bring substantial growth to the immediate area.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.