LARGO, FL, September 8, 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 Woodrow Avenue Apartments, a 9-unit apartment property located in Largo, FL, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for$720,000.
Ned Roberts, Sebastian Harris, Jason Hague and Adam Podbelski, investment specialists with the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “This is a deal that maintained strong collections during the COVID-19 disruption and displays the strong continued interest we are seeing for well performing multifamily assets in the area,” said Harris.
Woodrow Avenue Apartments is located at 415-417 Woodrow Ave in Largo, FL. The property consists of 100% one-bedroom apartments and was constructed in 1972.
“The asset traded at 96% of list price – even amidst considerable COVID-19 related challenges – a sign that buyer-demand for multifamily assets remains strong,” said Roberts. “This was the latest of several disposition assignments we have successfully completed on behalf of our repeat client as we work to assist him in repositioning his portfolio, he added.”
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.