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| Michael Donaldson |
ORLANDO, 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 188 condominiums located in Orlando’s Los Robles Condominiums, according to Richard D. Matricaria,
regional manager of the firm’s Tampa office. The asset sold for $8,084,000.
Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus &
Millichap’s Tampa office, secured and represented the buyer, a limited
liability company based in Ormond Beach, Florida.
Los Robles Condominiums is
located at 4500 Silver Star Road in Orlando, Florida, and the sale included 188
out of the 200 total units.
The unit mix consisted of 46,
one-bedroom/one-bathroom units with 765 rentable square feet, 126
two-bedroom/two-bathroom units with 1,000 rentable square feet and 16
three-bedroom/two-bathroom units with 1,200 rentable square feet.
“Los Robles was an
exceptional opportunity for our buyer to capitalize on a near stabilized bulk
condominium with majority ownership of the association intact,” says Donaldson.
“With spacious floor
plans, attractive renovations that took place during the condo conversion in
2007 and continued further improvements by the buyer, Los Robles will prove to
be one of the most attractive rental communities in the submarket,” concludes
Meoli.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager, Tampa
(813) 387-4700
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