Tuesday, January 27, 2015

$645,000 Sale of Hickory Crest Apartments in Brooksville, FL Handled by Marcus & Millichap

  
Hickory Crest Apartments, 173 Hickory Street, Brooksville, FL

Michael Donaldson
BROOKSVILLE, FL, Jan. 27, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Hickory Crest, an 18-unit garden-style, apartment community located in Brooksville, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

The asset sold for $645,000.

Michael Donaldson, vice president investments, Nicholas Meoli, senior associate, and Jason Hague, associate, all in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Hickory Crest was built in 1983 and is located at 173 Hickory Street in Brooksville, Florida.  The property consists of two, two-story eight-plex buildings and one single-story duplex.

  The buildings are constructed of concrete block on concrete slab and are situated on approximately 1.36 acres of land.

Nicholas Meoli
Amenities include ample parking, central air-conditioning and full size washer and dryer connections in all units.  The property has had historical high occupancy levels and is currently 94 percent occupied.

“By emphasizing the strong cash flow opportunity of this property, our team was able to procure multiple offers from out-of-area investors,” says Hague. 

  “We ultimately closed with a California-based investor in a 1031 exchange who was able to close in less than 30 days of the contract date on an all-cash basis.”


For a complete copy of the company’s news release, please contact:

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


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