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| Hickory Crest Apartments, 173 Hickory Street, Brooksville, FL |
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| 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.
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| 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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