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| Joshua Teplitzky |
LAKE CITY, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced the sale of Lake City Florida
Portfolio, a 112-unit multifamily portfolio located in Lake City, Fla.,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $2,310,000.
Joshua Teplitzky, associate, Michael P. Regan
and Francesco P. Carriera, both vice presidents investments in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the Tampa-based seller, a private investor.
The listing agents also procured the buyer of the property
along with John E. Brigel, a vice president investments also in the
Tampa office.
Lake City Florida Portfolio is located at 1442 Northwest
Wayne Place in Lake City, Fla.
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| Michael P. Regan |
This portfolio consists of Columbia Arms Apartments, Wayne
Manor Apartments and Greentree Apartments.
Wayne Manor and Greentree Apartments are located on adjacent parcels,
and Columbia Arms is located within approximately two miles (a six minute
commute).
There are 12 residential, two-story buildings, one residential
one-story duplex and two, one-story buildings that house laundry
facilities. The residential buildings
are comprised of one and two-bedroom units.
"Marcus & Millichap again demonstrated the
tremendous strength of its unparalleled national platform,” says Brigel. “We had an asset that needed the ‘perfect’
buyer, and due to our national platform, we were able to procure an
out-of-state buyer,” voiced Brigel and Teplitzky. “This was a value add opportunity in a tertiary submarket.”
“There was a significant amount of interest from buyers all
over Florida in primary and secondary markets, as the amount of short-sale/bank
opportunities like this one are hard to come by in those markets,” adds
Teplitzky. “Through the competition of
multiple offers and exposing the portfolio on a national level, we were able to
transfer capital across state lines,” concludes Teplitzky.
For a complete copy
of the company’s news release, please contact:
Richard D. Matricaria
Vice President/Regional Manager, Tampa
(813) 387-4700
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