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| Nicholas Meoli |
SOUTH DAYTONA, 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 Spanish Villas, a
56-unit apartment property located in South Daytona, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
sold for $2,700,000.
Allan Holbrook,
associate in Marcus & Millichap’s Jacksonville office, and Nicholas Meoli and Michael Donaldson, both
vice president investments in the firm’s Tampa office, had the exclusive
listing to market the property on behalf of the seller, a limited liability
company. The buyer, a limited liability
company, was secured and represented by the three brokers.
Spanish Villas is a
56-unit apartment community consisting of eight, two-story buildings located at
1648 Palmetto Avenue in South Daytona, Florida.
Built in 1974, the buildings
are comprised of 13 one-bedroom/one-bathroom units with 710 rentable square
feet, 16 two-bedroom/one-bathroom units with 938 rentable square feet, and 27
two-bedroom/two-bathroom units with 1,010 rentable square feet.
“Spanish Villas is an
attractive mid-size community in the Daytona Beach market with large floor
plans, most of which were two-bedroom units,” says Donaldson.
“The out-of-area buyer
found the consistent income stream appealing and saw an ability to increase
revenue through further rent increases and various property improvements,” adds
Holbrook.
“Through our national
marketing campaign, we generated 100 registered buyers and seven written
offers, ultimately closing within 96 percent of the list price,” 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
