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| Julian Villas, Leesburg, FL |
LEESBURG, FL, Jan. 21, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Julian Villas, a 35-unit
multifamily community located in Leesburg, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office.
The asset commanded a sales price of $772,200 or $22,062 per
unit.
Michael Donaldson, a senior associate in Marcus &
Millichap’s Tampa office, had the exclusive listing to market the property on
behalf of the Florida-based seller and buyer, both limited liability companies.
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| Michael Donaldson |
Julian Villas was built in 1984 and is located at 1103
Bentley Road. The property has a unit
mix of one, two and three bedroom units and is situated on 4.19 acres tangent
to US-441, Leesburg’s main thoroughfare.
“Julian Villas received a large amount of interest from the
investment community due to the 1980s construction, desirable unit mix and the
fact that it was being offered well below replacement cost” says Donaldson.
“Even with the high number of offers generated, getting a
buyer to the closing table proved to be a challenge due to the fact that there
were two mortgage holders involved, both of whom were required to approve the
short sale.
“Ultimately, we ended up closing with a very patient
non-profit buyer with intentions of performing an extensive capital infusion
upon takeover, that would provide future residents with a truly desirable place
to call home,” concludes Donaldson.
Press Contact:
Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700
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