SARASOTA, FL, May 25, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sunrise Villas (top left photo), a 119-unit multifamily community located in Sarasota, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The asset commanded a sales price of $2,100,000.
Michael P. Regan (middle right photo), a vice president investments and Francesco P. Carriera (middle left photo), associate vice president investments 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 private investor, was secured and represented by Michael P. Regan and Francesco P. Carriera
Sunrise Villas was built in 1961 and is located at 1809 19th Street, Sarasota, Florida. The community is made up of ten various parcels located within a two-mile radius between 19th Street and 36th Street. The various properties consist of forty-six, one-story buildings and comprise 117 two-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit and one three-bedroom/one bathroom unit.
“There is a lack of properly priced “C” quality properties in the Sarasota market. We were able to receive multiple offers and close the property with an all-cash buyer for 93 percent of the list price” comments Carriera.
Press Contact:
Bryn D. Merrey
Vice President/Regional Manager, Tampa
(813) 387-4700
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