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| 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.
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| Michael Donaldson |
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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