NEW PORT RICHEY, FL, March 21, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a 43-unit apartment portfolio located in New Port Richey, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The asset commanded a sales price of $1,175,000.Michael P. Regan (middle right photo), vice president investments, Francesco P. Carriera (middle left photo), associate vice president investments and Nicholas Meoli, (lower right photo) investment specialist 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 Michael Regan, Francesco Carriera and Nicholas Meoli.
This portfolio is located at 5528 Executive Drive and consists of three properties that are situated on approximately 2.35 acres of land. The properties include ten, one- and two-story buildings.
“This was a unique opportunity for a buyer to capture a multifamily portfolio with significant upside through management, as well as net the seller a very competitive price” says Meoli.
“We were able to command six written offers within 45 days through our customized marketing strategy. Ultimately, we negotiated an all-cash contract with five days due diligence and closed within 15 days from the effective date” adds Meoli.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700
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