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| Andrew Birr |
SANFORD, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 611 Park, a 9-unit apartment property located in Sanford, Fla., according to Justin W. West, vice president/regional manager of the firm’s Orlando office.
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| Casey Babb |
The asset sold for $570,000 in a competitive bidding environment.
Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Orlando office procured the buyer, a limited liability company.
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| Luis Baez |
611 Park is located at 611 S Park Ave in Sanford, Fla. The property is a 9-unit apartment community that was built in 1928.
Located in the northern part of the Orlando MSA, the property is well-positioned in burgeoning, historic Downtown Sanford and is 30 minutes from Downtown Orlando.
“The property’s cash flow is strong at a takeover 8 CAP with upside. Our buyers intend to reposition the historic asset with a major renovation and rebranding effort.
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| Shawn Rupp |
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| Justin W. West |
"Our team’s deep market knowledge and ability to evaluate assets quickly helped our client win the deal,” says Andrew Birr.
Contact:
Justin W. West
Vice President
Regional Manager
Orlando
(407) 557-3800
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