 |
| Willow Bend Apartments, 4757 Silver Star Road, Orlando, FL |
 |
| Michael Donaldson |
ORLANDO, 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 Willow Bend, a 192-unit apartment community located in Orlando, Florida,
according to Ari Ravi, regional manager of the firm’s Tampa office. The asset
sold for $8,525,000.
Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus &
Millichap’s Tampa office, procured the buyer.
“The sale of Willow Bend
Apartments represented another transaction involving the ability of our team to
identify value-add opportunities through our proprietary market analysis,” says
Donaldson.
“Having closed several transactions in the
immediate area, we were cognizant of the pinnacle for area market rents and saw
potential to raise rents substantially at Willow Bend both organically and
through additional strategic renovations.”
“By working with one of
our repeat clients and showing them this upside, we were able to identify
outsized future returns in lieu of the underperforming trailing financials
which ultimately led to another successful transaction,” adds Meoli.
Willow Bend is a 192-unit
apartment community built in 1974 and located at 4757 Silver Star Road in
Orlando, Florida. The unit mix consists of 168 one-bedroom/one-bathroom units
with approximately 728 rentable square feet and 24 two-bedroom/one-bathroom
units with approximately 734 rentable square feet.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
No comments:
Post a Comment