 |
| Francesco P. Carriera |
BRADENTON, FL – 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 Avalon Square,
a 154-unit multifamily community located in Bradenton, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
sold for $9,800,000.
Francesco P. Carriera, vice president investments, and Michael P. Regan, first vice president investments, both in Marcus
& Millichap’s Tampa office, had the exclusive listing to market the
property on behalf of the seller, a private investor. The buyer, a private investor, was secured
and represented by the two brokers.
Avalon Square is a
154-unit multifamily community located at 3506 14th Street West in Bradenton,
Florida. The property consists of 15 two-story residential buildings and one,
one-story clubhouse.
The residential buildings are comprised of 19
efficiency units with 545 rentable square feet, 40 one-bedroom/one-bathroom
units with 800 rentable square feet, 28 two-bedroom/one-bathroom units with
1,014 rentable square feet, 28 two-bedroom/two-bathroom units with 1,014
rentable square feet and 39 three-bedroom/two-bathroom units with 1,187
rentable square feet. All units have central heating and air-conditioning, and
the buildings sit on an approximately 9.81 acre parcel of land.
Amenities include an
on-site laundry facility, tennis court, clubhouse and a pool.
“Bradenton continues to
post strong rental growth numbers with rental increases at approximately 6.5
percent from this time last year,” says Regan. “This ranks the
Bradenton/Sarasota market in the top 10 nationally among secondary markets.
With the lack of supply in the immediate market, it should remain that way in
the near future.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
Vice President/Regional
Manager, Tampa
(813) 387-4700
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