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 Sterling Pointe, a 268-unit apartment property located in Silver Springs, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $14 million.
Michael Donaldson and Nicholas Meoli, 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 and they secured the buyer, a partnership.
“Sterling Pointe was a much sought-after asset due to the attractive low-density curb appeal of the community and the strong value-add component to substantially increase rents through continued renovations,” says Donaldson. “We procured numerous offers through our national marketing campaign, but due to the competitive nature of the offer selection, we ultimately closed with a buyer in 30 days from signing a purchase agreement,” adds Meoli. “The buyer plans on continuing to renovate the community and stabilizing operations,” adds Donaldson.
Sterling Pointe is in Silver Springs, an unincorporated community in Marion County, within Ocala, Florida. Silver Springs is a group of artesian springs and a historic tourist attraction that is part of Silver Springs State Park. Sterling Pointe is located at 3480 Northeast 48th Terrace in Silver Springs, 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