Tuesday, July 28, 2015

Marcus & Millichap Arranges Sale of Oakwood Garden Apartments in Ocala, FL

Joshua Teplitzky
OCALA, FL, July 28, 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 Oakwood Garden Apartments, a 46-unit apartment community located in Ocala, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.

Joshua Teplitzky, investment associate, and Michael P. Regan and Francesco P. Carriera, both vice president investments, all of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer was also represented by Teplitzky, Regan and Carriera. 

“This property was a prime example of a value-add opportunity in a tertiary market. The seller self-managed the property and restricted the resident base to tenants 55 years or older even though there were no land use restrictions on the property,” says Teplitzky.

 “The buyer saw this as an immediate management upside through expanding the potential tenant pool and plans to capture a new demographic by updating the interior of the units.

 “We generated nine offers and found the ideal buyer out of Israel due to our international platform and our unparalleled ability to create a market for multifamily properties of this size and vintage.”

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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