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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.
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| 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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