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| Megan D. Johnson |
JACKSONVILLE, FL, Oct. 6,
2016 – 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 Tradewinds Apartment Homes, a 85-unit apartment property
located in Jacksonville, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset
sold for $3,800,000.
Megan D. Johnson, associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both vice president investments in the firm’s
Tampa office, all had the exclusive listing to market the property on behalf of
the seller, a limited liability company.
The buyer, a limited liability company, was also secured and represented
by Johnson, Meoli and Donaldson.
Tradewinds Apartment Homes
is an 85-unit, garden-style community located at 5717 Timuquana Road in
Jacksonville, Florida. The community consists of 12 buildings and rests on
approximately 2.32 acres.
The unit mix is comprised
of two studio units with 500 rentable square feet; 44, one-bedroom/one-bathroom
units with 550 rentable square feet; five, two-bedroom/one-bathroom cottage
units with 850 rentable square feet; 14, two-bedroom/one-bathroom units with
950 rentable square feet; 18, two-bedroom/one-bathroom units with 875 rentable
square feet; one, two-bedroom/one-bathroom townhome unit with 950 rentable
square feet and one, three-bedroom/one-bathroom single family home with 1,000
rentable square feet.
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| Nicholas Meoli |
“Tradewinds Apartments
Homes represented an excellent opportunity to acquire a favorable in place
return with a value add component,” said Meoli. “The buyer intends to
capitalize on below market rents by implementing strategic interior and
exterior renovations,” adds Donaldson.
“Through our national
marketing campaign we generated 14 offers from investors throughout the
country, and ultimately closed with a 1031-exchange buyer,” concluded Johnson.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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