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| Wickham Village Apartments, Melbourne, FL |
MELBOURNE, FL, July 5, 2018 – 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 Wickham Village, a 151-unit apartment property
located in Melbourne, Florida, according to Ari Ravi, regional manager of the
firm’s Tampa office. The asset sold for $14,600,000.
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| Michael Donaldson |
Michael Donaldson and
Nicholas Meoli, senior investment specialists in Marcus &
Millichap’s Tampa office, had the exclusive listing to market the property on
behalf of the seller. The buyer was also secured and represented by Michael
Donaldson and Nicholas Meoli.
“Wickham Village was
the final property to be sold as part of the Tripointe Value-Add Portfolio
which consisted of 1,161 units in seven properties throughout North and Central
Florida”, said Donaldson. “Within the portfolio, Wickham Village had some of
the most upside potential to significantly raise rents through a renovation
program and capitalize on the positive trends taking place on the Space Coast.”
“While 60 offers were
generated on all the seven properties, a Tampa-based portfolio buyer ultimately
purchased all seven properties and closed at the contract price of
$103,000,000” adds Meoli. “We expect to see continued demand for portfolio
purchases in order for larger investment groups to meet capital placement
requirements and to grow a presence in Florida’s attractive economic climate.”
Wickham Village has an
excellent location, with frontage on Wickham Road with 35,000 vehicles per day.
The site has several convenient transportation options with proximity to major
thoroughfares Interstate 95, State Road 528, and US-192, as well as the Orlando
Melbourne International Airport, which is within a few minutes’ drive.
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| Nicholas Meoli |
The
property is in a strong employment area within walking distance to the 113-bed
Wuesthoff Medical Center and a working population of 138,000 within a five-mile
radius. Also, Wickham Village has excellent nearby retail options including
Wal-Mart Supercenter, Dollar Tree, Staples, Old Time Pottery Melbourne, Harbor
Freight Tools, and ALDI.
Wickham Village also
provides a rare value-add opportunity to increase gross revenue by over
$600,000 within the first two years, this property is located at 500 North
Wickham Road in Melbourne, FL.
For more information, please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
OR
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Crystal Marino
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Brokerage Administrator/Front Desk
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