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| Still Hunter III |
ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced the sale of Millennium Pointe, a
200-unit apartment property located in Orlando, Fla, according to Ryan Nee,
regional manager of the firm’s Fort Lauderdale office. The asset sold for
$7,000,000.
Still Hunter, III and Evan P. Kristol, senior vice
president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael
Donaldson, a vice president investments, and Nicholas Meoli, a
senior associate in Marcus & Millichap’s Tampa office, represented the
seller, Paul Beaullieu, a private investor from Lafayette, LA and the
buyer, a limited liability company from Ormond Beach, Fla.
“Investor demand for Orlando multi-family assets remains
keen, with well-priced assets typically generating multiple offers when brought
to market.
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| Evan P. Kristol |
"We received remarkable
interest on this opportunity to acquire a stabilized asset centrally located
near Orlando’s major employment centers.
Millennium Pointe also has the largest floor plans in the submarket and
recently underwent significant renovations,” says Donaldson.
Millennium Pointe is a 200-unit garden-style apartment
community consisting of six two-story buildings. The unit mix includes 60 one bedroom/one bathroom units, 110 two
bedroom/one-and-one-half bathroom townhome units and 30 three
bedroom/two-and-one-half bathroom townhome units.
Ideally situated just off South Rio Grande Avenue and less
than one mile from South Orange Blossom Trail, two of the area’s major retail
corridors, Millennium Pointe’s central location is convenient to transportation
and employment. The property is located at 4255 Barwood Drive in Orlando, FL.
For a complete copy of the company’s news release, please
contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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