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| Hickory Crest Apartments, Brooksville, FL |
BROOKSVILLE, FLA., February 19, 2013 – Marcus &
Millichap Real Estate Investment Services, the nation’s largest real estate
investment services firm, has announced the sale of Hickory Crest, an
18-unit apartment community located in Brooksville, Florida, according to
Richard D. Matricaria, Regional Manager of the firm’s Tampa office.
The asset
commanded a sales price of $385,000.
Michael Donaldson, a senior associate and multifamily
specialist in Marcus & Millichap’s Tampa office, had the exclusive listing
to market the property on behalf of the local seller, a limited liability
company, and also represented the buyer, a private investor.
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| Michael Donaldson |
Hickory Crest was built in 1983 and is located at 173
Hickory Street. The property consists
of two eight-plex buildings and a duplex, all constructed of wood frame on a
concrete slab resting on 1.36 acres of land.
The unit mix consists of 18 two-bedroom and one-bath units ranging from
783 to 800 rentable square feet. Each
unit contains full size washer and dryer connections, as well as central
air-conditioning.
“Even though this property was almost 100 percent occupied
at the time of sale, we were receiving a large amount of pushback due to the
low cap rate,” says Donaldson. “However, we ended up closing with a local apartment
owner who saw an opportunity to achieve greater income levels by adding
aggressive advertising and management.
We eventually closed at an excellent price per unit for the submarket.”
Press Contact:
Richard D. Matricaria
Regional Manager,
Tampa
(813) 387-4700
