Friday, February 20, 2015

Marcus & Millichap Arranges Sale of Ridge Gardens Apartments in Sarasota, FL for $2.6 Million


Ridge Gardens Apartments, 3001 Bee Ridge Road, Sarasota, FL


Adam Podbelski
SARASOTA, FL, Feb. 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Ridge Gardens, a 48-unit apartment community located in Sarasota, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The $2,622,000 sales price equates to $54,625 per unit.

Adam Podbelski, associate, Nicholas Meoli, associate vice president investments, and Michael Donaldson, vice president investments, all in Marcus & Millichap’s Tampa office, represented both parties in this transaction. 

Ridge Gardens is located at 3001 Bee Ridge Road in Sarasota, Florida.  The property consists of two, two-story buildings which are comprised of 42 one-bedroom/one-bathroom units and six, two bedroom/one-bathroom units.


Nicholas Meoli
Built in 1964, the property is contained on approximately 1.24 acres of land.  Amenities include a swimming pool, ample parking, storage units and an on-site laundry facility.


“Ridge Gardens showcased a great example of the current investor demand for multifamily product in Sarasota County,” says Podbelski.  


“By emphasizing the strong market fundamentals in addition to the value-add potential of the asset, we were able to generate nine offers within 30 days of launching our marketing campaign, and ultimately closed with an all-cash buyer based out of South Dakota.”
 








For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700

No comments:

Post a Comment