Sunday, June 28, 2015

Marcus & Millichap Arranges $4.2 Million Sale of 64-Unit Apartment Community in Panama City, FL


Nicholas Meoli
PANAMA CITY, FL – 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 Ava Kay Townhomes, a 64-unit apartment property located in Panama City, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $4,200,000.

Nicholas Meoli, associate vice president investments, and Michael Donaldson, vice president investments, in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

The buyer was secured and represented by Michael Donaldson and Meoli. 

Ava Kay Townhomes is located at 295 Nelle Street in beautiful Panama City, which is in Bay County, Florida.

This townhome community is situated on an attractive 4.54 acre site, and is comprised of 17 two-story residential buildings. 

The property has a competitive amenity package including additional storage, children’s playground, large picnic area with barbecue grills and serene wooded views.

Michael Donaldson
 Ava Kay Townhomes offer a variety of spacious, open floor plans consisting of entirely three-bedroom/two-bathroom units, which have been thoughtfully designed to maximize the usage and functionality of the space. 

“Ava Kay represented an attractive 2007-built value-add opportunity through continued rent growth and exterior renovations,” says Meoli. “The property has excellent floor plans with an average of 1,294-square feet making it a rare and attractive asset to the local tenant base.”

“We generated a significant amount of interest from across the country and closed with a prominent group based out of California on an all cash basis,” adds Donaldson.

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

Richard D. Matricaria

Vice President/Regional Manager
Tampa, FL
(813) 387-4700

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