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| Evan P. Kristol |
ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, has arranged the sale of Royal Isles, a 264-unit, lender-owned apartment community in
Orlando, Fla. The asset sold for $14.4 million.
Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort
Lauderdale office, and Still Hunter III,
a senior director of Institutional Property Advisors, a division of Marcus
& Millichap, represented the seller, a private investor from Beverly Hills,
Calif., and the buyer, a Miami-based limited-liability company.
“Upon bringing the
property to market, we received tremendous interest and generated 11
competitive offers,” says Kristol.
“The deal closed at $300,000 above the
asking price and was awarded to an all-cash buyer who made a non-refundable
deposit at contract signing.
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| Still Hunter III |
"Given the property’s attractive amenity package,
oversized floor plans and below market rents, significant rental increases
should be achievable through strategic unit renovations and hands-on
management,” Kristol concludes.
Royal Isles consists of 19
two-story buildings and one stand-alone building that serves as a leasing
office. The property has 80 one-bedroom/one-bath units, 132
two-bedroom/two-bath apartments and 52 three-bedroom/two bath units.
The community is located
at 803 Don Quixote Ave. near the 408 East-West Expressway and one of the
largest and most heavily traveled crossroads in Orlando, South Semoran
Boulevard.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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