Thursday, November 19, 2015

Marcus & Millichap Arranges $4.1 Million Sale of 120-Unit Tropicana Apartments in Sanford, FL

Nicholas Meoli
SANFORD, 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 Tropicana Apartments, a 120-unit apartment property located in Sanford, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,100,000.

Nicholas Meoli and Michael Donaldson, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Orlando based private investor.  The buyer, a private investor based out of South Florida, was secured and represented by Donaldson and Meoli.

“The sale of the Tropicana Apartments represented an excellent value-add opportunity in today’s marketplace,” says Donaldson. “With some of the lowest market rents in the submarket, Tropicana has the potential to increase revenue substantially through renovations and immediate rental upside as many other communities in the area have already implemented.”

“With some of the most spacious and desirable floor plans and being situated blocks from Seminole High School, the property generated substantial interest during our national marketing campaign with over 280 registered buyers and 18 offers generated,” adds Meoli.

Michael Donaldson
Tropicana Apartments is a 120-unit apartment complex located at 1505 West 25th Street, Sanford, Florida, which is a submarket of Orlando. 

This complex is made up of 12 residential buildings and one leasing office, and rests on a combined 8.74 acre parcel. 

The property consists of four efficiency units with an approximate size of 550-square feet, 40 one-bedroom/one-bathroom units with an approximate size of 610 square feet, 56 two-bedroom/one-bathroom units with an approximate size of 970 square feet, four, two-bedroom/one-bathroom townhome-style units with an approximate size of 1,000 square feet, and 16 three-bedroom/two-bathroom units with an approximate size of 1,159 square feet.

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

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

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