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| Chris Travis |
GAINESVILLE, FL – Marcus & Millichap (NYSE: MMI),
a leading commercial real estate investment services firm with offices
throughout the United States and Canada, has announced the sale of Xanadu
Court, a 10-unit apartment property located in Gainesville, Fla., according to Chris Travis,
sales manager of the firm’s Tampa office.
The asset sold for $745,000.
Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM
and Shawn Rupp, investment specialists 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 also secured and
represented by the four brokers.
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| Casey Babb |
“Through our relationships with multifamily owners and prospective buyers,
we received multiple offers and went under contract with a strong buyer within
two days of listing the property, said Birr.
"The value-add deal featured townhome style
units with rents that were considerably below market averages. The buyer
and seller were able to close in 60 days.”
Xanadu Court is located at 2421 NW 4th Terrace in
Gainesville, Fla. The property is a ten-unit, 1990’s vintage, apartment
community located just 2.4 miles northeast of the University of Florida.
Originally built in 1992,
Xanadu Court has been well maintained under the current 12-year ownership. This
ten-unit, two-story building with a pitched shingle roof sits on a quiet
0.89-acre site which features an off-street parking lot on the north side of
the property.
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| Andrew Birr |
Units are a mix of nine 912 square feet two-bedroom, 1.5-bathroom apartments, and one 1400 square feet four-bedroom, two-bathroom apartment.
The two-story townhome style
units feature private screened in porches with enclosed laundry rooms, central
A/C, ceramic tile floors downstairs and LVT upstairs.
Xanadu Court enjoys an
excellent location within the City of Gainesville with access off 13th Street
and direct proximity to Downtown and the University of Florida.
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| Luis Baez |
Gainesville's multifamily is performing notably well with vacancies and annual rent growth near the best they've been in over a decade.
The submarket has
historically had a strong rental market with the median age and home ownership
being well below the national average.
The Gainesville region is
home to the state’s greatest concentration of 18 to 44-year-olds, as well as
the highest number of individuals with advanced degrees, making the metro
Florida's youngest and most educated area.
CONTACT:
Whitney Davis
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