Thursday, October 6, 2016

Villas at 17th Apartments in Kissimmee, FL Sold for $8.15 Million in Deal Brokered by Marcus & Millichap

Michael Donaldson
KISSIMMEE, 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 Villas at 17th Apartments, a 130-unit apartment community located in Kissimmee, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $8,150,000.

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

“With over $700,000 in recent capital improvements, consistent monthly rent growth and a submarket with strong fundamentals, it is no surprise that we had over 300 buyers register to access the marketing website for Villas at 17th,” says Donaldson. 

“Buyers were attracted to the turnkey operation with the ability to obtain excellent year one cash flow once the loss-to-lease was reduced.”

“By bringing this property out to the market through our national marketing platform, we were able to procure nine offers, and ultimately close with an out-of-state buyer with local management at the contract price and terms,” adds Meoli.

Villas at 17th Apartments is a 130-unit apartment community located at 1701 North Central Avenue in the Kissimmee submarket of the Orlando MSA within Osceola County. The community is situated on a spacious 5.64 acre parcel adjacent to the North Main Street (US 441) and West Irlo Bronson Memorial Highway (US 192) intersection.

Nicholas Meoli
The community features a unit mix consisting of one studio unit with 500 rentable square feet; 126 one-bedroom/one-bathroom units with 625 rentable square feet; two, one-bedroom/one-and-one-half-bathroom units with 700 rentable square feet; and one, three-bedroom/one-bathroom unit with 644 rentable square feet.

These spacious open floor plans are appointed with a full open concept kitchen, oversized walk-in closets, tile flooring in all units, a full electric appliance package and semi-private patios or balconies. 

The community also features a barbecue and picnic area, sports court, leasing office with business center and coffee café and an on-site laundry facility.

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

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

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