Friday, May 3, 2013

Marcus & Millichap Brokers $700,000 Sale of Village Green Apartments in Brooksville, FL





  

Village Green Apartments, Brooksville, FL


BROOKSVILLE, FL, May 3, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Village Green Apartments, a 41-unit apartment community located in Brooksville, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $700,000.

Michael
Donaldson
Michael Donaldson, a senior multifamily associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a financial institution.  Donaldson also procured the buyer, a local private investor.

Built in 1985, this 30,488 rentable square foot property is located at 715 Oakdale Avenue. The property consists of two quadplex buildings, 16 duplexes and one single unit, all one-story buildings. 

Constructed of wood frame on concrete slab, the buildings rest on a total of 4.8 acres of land.  The unit mix consists of eight one-bedroom and one-bathroom units with approximately 550 rentable square feet and 33 two-bedroom and one-bathroom units that are approximately 675 rentable square feet.

Amenities include full-size washer and dryer connections, exterior storage and central air-conditioning, and a small onsite laundry facility.

           “With the declining number of multifamily foreclosures for sale at the moment, Village Green presented an excellent opportunity for a buyer to purchase an asset that offered a true ‘value add’ scenario by filling the high number of vacancies” says Donaldson. 

“As a result of the bidding wars for apartments that are taking place in primary markets like Tampa and Orlando, investors are continually coming into secondary markets much like Brooksville, to achieve higher returns,” adds Donaldson.  “As a result, we received a tremendous amount of interest on this property and closed with a cash buyer at an excellent price per unit for the submarket.”
  
For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700

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