Marcus & Millichap Sells 56-Unit Apartment Building in DeLand, FL

DELAND, FL, July 7, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Laurel Oaks (top left photo), a 56-unit apartment community located in DeLand, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,650,000 and closed in one week.

Michael Donaldson, (middle right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.

The buyer, a regionally based private investor, was represented by Tommy Grim of Re/Max Assured.

“This transaction represents an excellent opportunity for the buyer to realize an immediate desirable return and have the opportunity to increase value by finishing the remaining renovations” says Donaldson.

Laurel Oaks is located at 650 North Boundary Road. Built in 1984, the property consists of 14 cardinal-style buildings constructed of frame with stone siding.

Situated on 5.58 acres MOL, Laurel Oaks is close to the Florida Hospital DeLand (lower left photo). The property was approximately 90 percent occupied at the time of sale and featured numerous renovations throughout.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700