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 DeLand River Apartments, a 53-unit apartment property located in Deland, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,350,000.
Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, and Duane C. Anderson, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Jason Hague, Michael Donaldson and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office.
DeLand River Apartments is located at 2744 Botts Landing Road in Deland, Florida and it is a rare, seven-acre multifamily Apartment Community with 84 feet of frontage on the prestigious St. Johns River. It is the only apartment community in Central Florida with frontage to the St. Johns River and offers residents the convenience of local boutique shops, dining and entertainment destinations nearby in Downtown DeLand.
“The sale of Deland River shows a continued migration of capital to smaller markets in order to obtain higher returns”, says Donaldson. “This trend has come full swing as evidenced by the multiple offers received on this property that ultimately led to us closing the property $50,000 above our list price.”
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