Saturday, August 15, 2015

$14.4 million sale of 264-unit apartment property in Orlando, fl facilitated by Marcus & Millichap


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. 

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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