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 Regatta Arms, a 28-unit apartment property located in Palmetto, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,700,000.
Adam Podbelski, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’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 also secured and represented by Adam Podbelski, Nicholas Meoli and Michael Donaldson.
"By utilizing our national platform, we were able to create substantial exposure and achieve interest from both out-of-state and international investors," says Podbelski. "Moreover, by articulating the strong value-add opportunity that Regatta Arms offered, we were ultimately able to generate over 150 registered buyers and nine offers during our marketing campaign."
Regatta Arms is located at 507 10th Ave W in Palmetto, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com