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| Jason Hague |
NEW PORT RICHEY, FL –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of River Trace Apartments, a 40-unit apartment community located in
New Port Richey, Florida, according to Richard D. Matricaria, regional manager
of the firm’s Tampa office. The asset sold for $2,650,000.
Jason Hague,
associate, Nicholas Meoli, vice
president investments, and Michael
Donaldson, vice president investments, all in Marcus & Millichap’s
Tampa office, had the exclusive listing to market the property on behalf of the
seller, a limited liability company.
The buyer, a foreign
purchasing entity, was also secured and represented by the three brokers.
“Through our national and
international marketing campaign we were able to generate an offer at 98
percent of the list price and put the property under contract with an international
investor within two days of being on market,” says Hague.
“The property went through
significant condo grade interior renovations in 2006, which allowed us to
achieve over $66,000 per unit, one of the highest price per unit sales achieved
for an apartment community under 100 units in Pasco County history.”
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| Nicholas Meoli |
River Trace Apartments is
a 40-unit apartment community situated less than one mile west of U.S. Highway
19 at 5511 Executive Drive in New Port Richey, which is in Pasco County,
Florida.
The property consists of
five buildings constructed in the late 1980’s, and sits on just under two acres
of land. The unit mix consists of 40 two-bedroom/two-bathroom units
approximately 1,035 rentable square feet.
Every unit has gone through significant
renovations including tile floor in the kitchen, granite countertops (select
units), stainless steel appliances (select units), upgraded bathrooms and full
washers/dryers in roughly half the units.
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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