DELTONA, FL, Oct. 24, 11 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lake Foy Apartments (top left photo), a 20-unit apartments community located in Deltona, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The sales price of $520,000 represents $29 per square foot.
Michael Donaldson, a multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Georgia-based financial institution. The listing agent also secured the buyer of the property, a private investor from Orlando.
Lake Foy Apartments was built in 1986 and is located at 100-500 Meyer Court. This offering consists of five buildings of masonry construction, resting on a total of .85 acres, with frontage to a small retention lake known as Lake Foy. Units are a mix of two-bedroom and two-bathroom units of approximately 900 square feet, one of the most popular floor plans in the submarket. Each unit features central HVAC units, refrigerator, dishwasher, range and washer/dryer connections.
“This transaction represented a unique opportunity for a buyer to capitalize on a rare mid 80s-built complex with frontage to a lake, in one of the best locations in the Deltona market.” says Donaldson. “While the property had above-normal vacancy, the units had been extensively renovated and should attain or exceed the market occupancy due to the superior amenities and finishings found in the units.”
Press Contact: Bryn D. Merrey, Vice President and Regional Manager, Tampa
(813) 387-4700
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