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| Frank Carriera |
BRADENTON, 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 30 West Apartments, a 264-unit
multifamily community located in Bradenton, Fla.
The $25 million sales price
equates to $94,700 per unit.
Frank Carriera and Michael
Regan, vice presidents investments in Marcus & Millichap’s Tampa
office, represented the seller, Insula Companies, and procured the buyer,
Timberland Properties.
“The property is a fully stabilized
asset with a history of high occupancy and strong, consistent cash flow in a
thriving rental market,” says Carriera.
“The Bradenton submarket recorded an
average occupancy of 97 percent in Q3 2014, which marked the seventh
consecutive quarter with average occupancy higher than 96 percent.
“These
strong market fundamentals helped support our marketing campaign, which
generated significant interest from investors nationwide and created a
competitive bidding environment for the property.”
“The 30 West apartment community
received $1.45 million in renovations during 2013, and additional opportunities
for value enhancement remain,” adds Regan.
 |
| Michael P. Regan |
The property is located at 2835 50th Ave. West in Bradenton
between two major retail corridors, Cortez Road and 53rd Avenue/State Road 70.
Area employers include Manatee County Schools, Bealls Inc., Manatee County,
Manatee Memorial Hospital, Tropicana Products Inc., Blake Medical Center,
Publix, Sysco West, Coast Florida Inc. and Pierce Manufacturing.
State College of Florida, a four-year
public college with approximately 30,000 students and IMG Academy, an athletic
training facility that draws 12,000 athletes from around the world to Bradenton
each year, are nearby. The popular tourist destination, Anna Maria Island, is a
15-minute drive away.
All units at 30 West Apartments
feature screened-in patios or balconies and storage closets, ceiling fans and
walk-in closets.
Community amenities include two lighted tennis courts, an
on-site laundry facility, a fitness center, playground, dog-park, clubhouse,
resort-style pool, outdoor kitchen with two gas grills and a pond with park
benches and picnic tables.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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