Friday, March 6, 2009

Marcus and Millichap Sells a 76-Unit Apartment Complex in Winter Haven, FL

WINTER HAVEN, FL, Mar. 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of West Place Apartments, (top right photo) a 69,540 square foot apartment complex located in Winter Haven, Florida, according to Bryn Merrey,(bottom right photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $3,100,000. Michael P. Regan, (middle left photo) an Investment Specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured by Regan.

West Place Apartments is located at 3137 Woodhill Road in Winter Haven, Florida.

­­­­­­­­­­­­­­­­“West Place Apartments is an example of the basic concepts of investment real estate. This opportunity involved a quality asset with strong returns based on current numbers, great upside potential and a defined exit strategy.

"This transaction is indicative of where we have seen the market settle since the days of the ‘conversion era.’” states Regan.
Press Contact: Bryn Merrey, Regional Manager, Tampa, (813) 387-4700.

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