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 Hideaway North, a 108-unit apartment property located in Altamonte Springs, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $6,000,000.
Michael Donaldson and Nicholas Meoli, senior vice president investments in Marcus & Millichap’s Tampa office brokered the transaction to a Florida limited liability company. “Hideaway North is a well-located community in Altamonte Springs near Altamonte Mall, just off Interstate four. The property consists of only studio units and the seller a long-term local owner, proactively maintained the property", said Donaldson.
Meoli added, “The seller had recently implemented several renovations to increase rents with excellent success. The new owner plans on continuing to enhance both the property's curb appeal and unit amenities to boost revenue further. Hideaway North located at 229 Loraine Drive is in a highly desirable Class B Location of Altamonte Springs, Fla.
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