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| Village Greene Condominiums, Cocoa, FL |
COCOA, FL– Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
announced the sale of the Village Greene Condominiums, a 124 out of 247
unit bulk condominium offering located in Cocoa, Florida, according to Richard
D. Matricaria, Regional Manager of the firm’s Tampa office.
The asset commanded
a sales price of $2 million.
Michael Donaldson, a senior associate and multifamily
specialist in Marcus & Millichap’s Tampa office, had the exclusive listing
to market the property on behalf of the seller, a limited liability company in
Ohio.
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| Michael Donaldson |
Ryan T. Shaw, an investment
specialist in the firm’s Miami office, secured the Florida-based buyer, a
limited liability company.
The Village Greene Condominiums are located at 1711 Dixon
Boulevard. The project was completed
between 1964 and 1973 and was originally built as an apartment community but
was later converted to condominiums.
Almost 50 percent of the units have since
been sold and this offering was for 124 of the 247 units, equating to just over
50 percent of the community.
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| Ryan T. Shaw |
“This offering was a rare opportunity for an investor to
acquire a fractured condominium community under $20,000 per unit” says
Donaldson. “The distressed nature of the property being offered as a short
sale, coupled with high vacancy, created a value-add scenario for the new
buyer, who plans to rebrand the property and establish market rent and
occupancy levels.”
Press Contact:
Richard D.
Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700
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