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| Ridge Gardens Apartments, 3001 Bee Ridge Road, Sarasota, FL |
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| Adam Podbelski |
SARASOTA, FL, Feb. 20, 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 Ridge
Gardens, a 48-unit apartment community located in Sarasota, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
The $2,622,000 sales price equates to $54,625 per unit.
Adam Podbelski, associate, Nicholas Meoli,
associate vice president investments, and Michael Donaldson, vice
president investments, all in Marcus & Millichap’s Tampa office,
represented both parties in this transaction.
Ridge Gardens is located at 3001 Bee Ridge Road in Sarasota,
Florida. The property consists of two,
two-story buildings which are comprised of 42 one-bedroom/one-bathroom units
and six, two bedroom/one-bathroom units.
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| Nicholas Meoli |
Built in 1964, the property is contained on approximately
1.24 acres of land. Amenities include a
swimming pool, ample parking, storage units and an on-site laundry facility.
“Ridge Gardens showcased a great example of the current
investor demand for multifamily product in Sarasota County,” says
Podbelski.
“By emphasizing the strong
market fundamentals in addition to the value-add potential of the asset, we
were able to generate nine offers within 30 days of launching our marketing
campaign, and ultimately closed with an all-cash buyer based out of South
Dakota.”
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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