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| Ned Roberts |
OCALA, 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 Pennick Landing, a 15-unit apartment property located in Ocala, Florida,
according to Ari Ravi, regional
manager of the firm’s Tampa office. The asset sold for $645,000.
Ned Roberts and Jason Hague, both associates, and Michael Donaldson and Nicholas
Meoli, both vice president investments, all in Marcus & Millichap’s
Tampa office, represented the seller, a private investor, and procured the
buyer, a limited liability company.
“The 1031-exchange buyer
saw value in the Ocala market, they paid cash and closed on the property 17
days after putting it under contract,” says Roberts.
Pennick Landing sits on
two contiguous parcels totaling approximately 1.39 acres located at 616 SE 11th
Street in Ocala, Florida. The asset boasts an ideal unit mix of one and
two-bedroom units with tile floors and dishwashers.
Four units are a
1984-built concrete block and wood frame quadruple and 11 units are located in
a single concrete block building constructed in 1997. The area’s top employer,
Munroe Regional Medical Center, employs 2,648 staff members and is just over
one-half mile southwest of the community.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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