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| Mayor Drive Apartments, Crystal River, FL |
CRYSTAL RIVER, Fla., July 11, 2013 – Marcus & Millichap
Real Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of the Mayo Drive Apartments, a
32-unit apartment portfolio located in Crystal River, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
sold for $610,000.
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| Michael Donaldson |
Michael Donaldson, senior associate in Marcus &
Millichap’s Tampa office represented the seller, a financial institution. New Miami International Realty represented
the buyer, a limited liability company based in Florida.
The Mayo Drive Apartments are located at 8570, 8590 and 8710
West Mayo Drive in Crystal River, Florida and was offered as a portfolio of 32
apartment units in three different buildings on three different parcels of
land. All three buildings are less than a tenth of a mile from each other and
all are located off U.S. Highway 19.
The 32 apartment units consist of 13 studios, 9,
one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units, all
situated on a total of 2.71 acres of land.
Two of the buildings were constructed in 1985 and consist of frame
construction with vinyl siding and the third building was built in 1988 of
frame with aluminum siding.
“Being a foreclosed property, Mayo Drive was one of the few
remaining fully vacant communities that offered tremendous upside by way of
lease up,” said Donaldson in a statement.
“Our marketing campaign generated
substantial interest and we ultimately closed with a cash buyer at an
exceptional price for an REO in the Crystal River 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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