Thursday, September 25, 2014

Marcus & Millichap Arranges Sale of Lake City Florida Portfolio for $2.3 Million


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. 

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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