Friday, March 18, 2016

Marcus & Millichap Arranges $9.8 Million sale of 154-Unit Avalon Square Apartments in Bradenton, FL

Francesco P. Carriera
BRADENTON, 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 Avalon Square, a 154-unit multifamily community located in Bradenton, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $9,800,000.

Francesco P. Carriera, vice president investments, and Michael P. Regan, first vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by the two brokers.

Avalon Square is a 154-unit multifamily community located at 3506 14th Street West in Bradenton, Florida. The property consists of 15 two-story residential buildings and one, one-story clubhouse.

 The residential buildings are comprised of 19 efficiency units with 545 rentable square feet, 40 one-bedroom/one-bathroom units with 800 rentable square feet, 28 two-bedroom/one-bathroom units with 1,014 rentable square feet, 28 two-bedroom/two-bathroom units with 1,014 rentable square feet and 39 three-bedroom/two-bathroom units with 1,187 rentable square feet. All units have central heating and air-conditioning, and the buildings sit on an approximately 9.81 acre parcel of land.

Amenities include an on-site laundry facility, tennis court, clubhouse and a pool.

“Bradenton continues to post strong rental growth numbers with rental increases at approximately 6.5 percent from this time last year,” says Regan. “This ranks the Bradenton/Sarasota market in the top 10 nationally among secondary markets. With the lack of supply in the immediate market, it should remain that way in the near future.”

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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