Tuesday, May 17, 2016

Spanish Villas in South Daytona, FL Sold for $2.7 Million in Deal Handled by Marcus & Millichap

Nicholas Meoli
SOUTH DAYTONA, 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 Spanish Villas, a 56-unit apartment property located in South Daytona, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,700,000.

Allan Holbrook, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by the three brokers.

Spanish Villas is a 56-unit apartment community consisting of eight, two-story buildings located at 1648 Palmetto Avenue in South Daytona, Florida. 

Built in 1974, the buildings are comprised of 13 one-bedroom/one-bathroom units with 710 rentable square feet, 16 two-bedroom/one-bathroom units with 938 rentable square feet, and 27 two-bedroom/two-bathroom units with 1,010 rentable square feet.

“Spanish Villas is an attractive mid-size community in the Daytona Beach market with large floor plans, most of which were two-bedroom units,” says Donaldson.

“The out-of-area buyer found the consistent income stream appealing and saw an ability to increase revenue through further rent increases and various property improvements,” adds Holbrook.

“Through our national marketing campaign, we generated 100 registered buyers and seven written offers, ultimately closing within 96 percent of the list price,” concludes Meoli.

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

Richard D. Matricaria
First Vice President / Regional Manager, Tampa

(813) 387-4700

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