RPH MULTIFAMILY GROUP OF MARCUS & MILLICHAP SELLS THE POINT APARTMENTS IN DAYTONA BEACH, FL FOR $9.55 MILLION

DAYTONA BEACH, FL, October 20, 2020– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Point Daytona, a 128-unit apartment property
located in Daytona Beach, FL, according to David Bradley, Regional Manager of the firm’s Tampa office. The asset sold for $9,550,000.

Ned Roberts, Jason Hague and Adam Podbelski, 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.

“This deal presented three primary challenges: a required agency loan assumption, below-market occupancy and, of course, COVID-19,” said Roberts. “We worked collaboratively to overcome each of these challenges and are proud to have executed this successful closing,” he added.

“The buyer plans a very comprehensive rehabilitation project in an effort to not only stabilize the asset, but to improve the tenant base and add substantial value by increasing rents significantly after completion of the renovations. The buyer understood that the rents at the property were some of the lowest in the submarket and they felt they had the experience to be able to transform the property” said Hague.

The Point Daytona is located at 465 Brentwood Dr in Daytona Beach, FL. The asset includes a mix of one- and two-bedroom units and features concrete block construction. Amenities include a swimming pool, on-site laundry facility, leasing office and playgrounds.

10/20/20

09/28/20

Marcus & Millichap ARRANGES THE SALE OF ISLE OF ST. CROIX IN ST. PETERSBURG, FL

ST. PETERSBURG, FL, September 25, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Isle of St. Croix, a 10-unit apartment property
located in St. Petersburg, FL, according to Christopher W. Travis, Regional Manager of the firm’s Tampa office. The asset sold for $915,000.

Ned Roberts, Sebastian Harris, Jason Hague and Adam Podbelski, investment specialists with the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Ned Roberts, Sebastian Harris, Jason Hague and Adam Podbelski, also represented the buyer, a limited liability company.

“We began marketing this property following the COVID-19 shutdown, we immediately began seeing interest from buyers throughout the state and country. After receiving a volume of offers, an investment group made up of local and out of state partners was selected for their list price offer and extremely aggressive terms,” said Harris

“We were pleased to get this deal closed just 51 days after it went under contract,” said Roberts. “It was the latest of several properties we have sold on behalf of our client.”

Isle of St. Croix is located at 500 75th Ave N in St. Petersburg, FL. The property consists of ten large one bedroom one bath apartments which were all renovated at the time of sale. The property is concrete block and was constructed in 1973.

09/08/20

Marcus & Millichap ARRANGES THE SALE OF A 9-UNITAPARTMENT BUILDING

LARGO, FL, September 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Woodrow Avenue Apartments, a 9-unit apartment property located in Largo, FL, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $720,000.

 

Ned Roberts, Sebastian Harris, Jason Hague and Adam Podbelski, investment specialists with the RPH Multifamily Group in  Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  “This is a deal that maintained strong collections during the COVID-19 disruption and displays the strong continued interest we are seeing for well performing multifamily assets in the area,” said Harris.

Woodrow Avenue Apartments is located at 415-417 Woodrow Ave in Largo, FL.  The property consists of 100% one-bedroom apartments and was constructed in 1972.

 “The asset traded at 96% of list price – even amidst considerable COVID-19 related challenges – a sign that buyer-demand for multifamily assets remains strong,” said Roberts.  “This was the latest of several disposition assignments we have successfully completed on behalf of our repeat client as we work to assist him in repositioning his portfolio, he added.”

08/26/20

Marcus & Millichap Arranges $1M Sale of Tampa Apartment Property

Marcus & Millichap has brokered the $1.2 million sale of Sophia Villa, a 22-unit apartment property in Tampa. Ned Roberts, Adam Podbelski and Jason Hague of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. 

 

Located at 131 North 20th St., the property is nearby I-275, the University of South Florida and Haley VA Medical Center. 

 

“The seller initially attempted to sell this asset themselves,” said Roberts. “After agreeing to an exclusive listing with our team, we were able help them secure an offer which put more net dollars in their pocket. We subsequently managed through a tough contract negotiation process and COVID-19 related challenges.”

-Via Connect Media: CRE

Marcus & Millichap ARRANGES THE SALE OF A 22-UNITAPARTMENT BUILDING

TAMPA, Fla., September 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sophia Villa, a 22-unit apartment property located in Tampa, Fla. according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.

 

Ned Roberts, CCIM, Adam Podbelski, and Jason Hague, 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 Ned Roberts, CCIM, Adam Podbelski, and Jason Hague.

“The seller initially attempted to sell this asset themselves.  After agreeing to an exclusive listing with our team, we were able help them secure an offer which put more net dollars in their pocket,” says Roberts.  “We subsequently managed through a tough contract negotiation process and COVID-19 related challenges.  “Ultimately, we led this deal to a successful closing, at contract price,” added Roberts.

Sophia Villa is located at 13102 North 20th Street in Tampa, Fla, minutes from I-275, University of South Florida and Haley VA Medical Center. The property is also a short commute to Downtown Tampa & Westshore Business District.

08/5/20

08/5/20

Marcus & Millichap ARRANGES THE SALE OF A 28-UNITAPARTMENT BUILDING

CRYSTAL RIVER, Fla., September 8, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Summerhill at Meadowcrest, a 28-unit apartment property located in Crystal River, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,900,000


Jason Hague, Adam Podbelski, Ned Roberts, CCIM, 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 secured and represented by Jason Hague, Adam Podbelski, Ned Roberts, CCIM.

“Summerhill was a typical multifamily transaction until COVID-19 hit the US, at which point all semblance of a typical transaction went out the window. Our team was able to expertly navigate the due diligence period despite the fact we were dealing with an international investor during a worldwide pandemic. We got creative when we needed to in order to satisfy the buyer’s concerns about possible rental delinquencies without having to reduce the purchase price.  It took a couple extra months to close due to delays with third parties but we were able to secure a record shattering price per unit for Citrus County, meanwhile, keeping the buyer engaged and excited about the deal despite the uncertain times we were dealing with,” said Hague.

Summerhill at Meadowcrest is located at 6000 West Poplar Springs Circle in Crystal River, Fla.  The community offers an attractive unit mix of two- and three-bedroom units with above average floor plans averaging 1,360-square feet.  Summerhill at Meadowcrest is located just minutes away from the Suncoast Parkway Extension which has potential to bring substantial growth to the immediate area.

05/08/20

NMHC Rent Payment Tracker Finds Payment Rate of 98.1% Compared to May 1-6, 2019; 80.2% of Apartment Households Paid Rent as of May 6  

Washington, D.C. – The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.2 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.4 million units of professionally managed apartment units across the country.

This is a 1.5-percentage point decrease in the share who paid rent through May 6, 2019 and compares to 78.0 percent that had paid by April 6, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.

 

“Despite the fact that over twenty million people lost their jobs in April, for the second month in a row, we are seeing evidence that apartment renters who can pay rent are stepping up and doing so,” said Doug Bibby, NMHC President. “We expect May to largely mirror April, when the payment rate increased throughout the month as financial assistance worked its way to people’s bank accounts.” 

“However, we are in uncharted waters and will be watching this closely over the course of the month as millions of households will not be able to access unemployment benefits, and those who have may find that they are not enough to cover rent plus all the other financial pressures caused by this crisis,” said Bibby. “Those benefits will also likely fall short in high-cost areas. That’s why we are calling on Congress to include $100 billion in direct renter assistance in the next pandemic relief package.”

“When millions of renters found themselves sheltering in place at their apartment home, apartment firms made it a priority to help them retain their housing,” said David Schwartz, NMHC Chair, and CEO and Chairman of Chicago-based Waterton. “NMHC called on apartment firms to halt evictions for residents impacted by COVID-19, waive late fees and create payment plans for them and also avoid rent increases for 90 days to help residents weather the crisis. Many took up that call, and others went even further to help their residents. However, we can’t do it alone. We need Congress to help.”

“The cascading effect of any rent gap is meaningful,” said Bibby. “Apartment owners have $1.6 trillion in outstanding mortgage debt. If they can’t cover their debt, we might see a wave of multifamily foreclosures that could rival the single-family foreclosures that occurred during the Great Recession. In addition, apartment owners pay $58 billion in property taxes that help support essential services such as schools, emergency services and other important local needs.”

The NMHC Rent Payment Tracker metric provides insight into changes in resident rent payment behavior over the course of each month, and, as the dataset ages, between months. While the tracker is intended to serve as an indicator of resident financial challenges, it is also intended to track the recovery as well, including the effectiveness of government stimulus and subsidies. However, noteworthy technical issues may make historical comparisons imprecise. For example, factors such as varying days of the week on which data are collected; individual companies’ differing payment collection policies; shelter-in-place orders’ effects on residents’ ability to deliver payments in person or by mail; the closure of leasing offices, which may delay operators’ payment processing; and other factors can affect how and when rent data is processed and recorded.

Total unit counts may change as units are leased or vacated and survey methodology is refined.

-NMHC

04/24/20

MARCUS & MILLICHAP ARRANGES THE SALE OF A 29-UNIT APARTMENT BUILDING

GAINESVILLE, Fla., April 24, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Oak Gate, a 29-unit apartment property located in Gainesville, Fla,, according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $4,450,000.

Duane C. Anderson, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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 secured and represented by Duane C. Anderson, Adam Podbelski, Ned Roberts, CCIM and Jason Hague. 

 

“The buyer was attracted to the upside opportunity in this asset including the ability to build additional units in a growing market. The buyer was engaged throughout the process and was able to close despite what was going on in the economy due to COVID-19. This indicates that buyers are still interested in great opportunities,” said Anderson.
 

“Due to the uncertainty in the market there were several hurdles that had to be overcome during the last 45 days of the closing process.  However, with the combination of Duane and our team’s experience coupled with the patience of the seller and determination of the buyer to see this process through, we were able to overcome these issues and close at the contract price agreed upon prior to the start of the COVID-19 pandemic,” added Hague.

Oak Gate is located at 669 NW 29th Avenue in Gainesville, Fla. The Sale Includes 5.83 Acres of Shovel Ready Land with the Ability to Develop an Additional 62 Multifamily Units.

The City of Gainesville is Ranked #38 in 2018 as Top 100 Places to Live in the Country by Livability. Oak Gate Condominiums is 2.5-miles away from The University of Florida, the #7 Public University in the US According to the US News and World Report and has mre than 50,000 students – making it the Nation’s 5th Largest University by Enrollment.

04/10/20

IRS Extends 1031 Exchange Deadlines to July 15th 2020 for Affected Tax Payers 

The IRS issued guidance Thursday evening to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities.

  • 1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 

  • Opportunity Zones. If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.  

Also, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment. As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.

--National Association of Realtors, April 10, 2020

The Fed Announces New Ammunition to Battle the Covid-19 Crisis

On April 9, the Federal Reserve announced another round of initiatives to bolster the U.S. economy amid the Covid-19 crisis. The Fed is launching or expanding nine different lending programs that will provide $2.3 trillion in funding to:

  • free up banks to lend more money to small businesses; 

  • extend emergency loans to mid-size businesses with fewer than 10,000 employees or $2.5 billion in revenue;

  • backstop funding markets for large companies by investing in some riskier classes of corporate debt;

  • allow the Term Asset-Backed Securities Loan Facility (TALF) to accept the highest-rated tranches of existing commercial mortgage-backed securities (CMBS) and newly issued collateralized loan obligations (CLOs);

  • and purchase up to $500 billion in short-term debt directly from U.S. states, the District of Columbia, counties with at least two million residents, and cities with at least one million residents, helping them sustain services them through the crisis as their revenues decline.

The Fed’s move come as another 6.6 million Americans submitted claims for unemployment this week, for a total of 17 million since the Covid-19 crisis began. In short, the Fed is getting creative in waging war on the virus and the threat it poses to U.S. economic health, and we’re encouraged by what we see. The markets are as well, with stocks posting their best weekly gains since 1974.

Meanwhile, businesses and individuals are beginning to apply for financial aid authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES), the $2 trillion economic stimulus plan approved in late March. On Tuesday, the administration said 3,000 lenders had processed 178,000 in Emergency Small Business Loans, for $50 billion, through the Small Business Administration’s credit facility.

The Act’s already had Payroll Protection Program (PPP), which offers forgivable loans to cover payroll costs for small businesses, should help to keep workers on payrolls, and support both the broader economy and real estate market. Meanwhile, expanded unemployment benefits will help renter households cover their personal expenses. The program is not without a few bumps, as the rush to apply, coupled with the inability to actually process the applications, has created a back log at many of the lenders we have spoken with.

Credit supply to owners and investors is still contracting. We are seeing some lenders back away from the market for now, concerned about the impact of the economic shutdown and unemployment on tenants’ ability to pay rent in the month of May and beyond. Other lenders continue to provide capital, but are seeking credit enhancements, including lower loan-to-value ratios and higher spreads. The commercial mortgage-backed securities market (CMBS) has shut down.

On April 8, The Federal Reserve, through Blackrock, purchased another $2 billion in Fannie Mae DUS bonds, of which $6.5 billion was offered. In addition, Fannie Mae announced more details related to its forbearance program. The requirement to halt evictions during the 12-month payback period has been removed. The new restriction is the longer of 120 days after the enactment of the CARES Act, a 90-day forbearance period, or any other longer period mandated by law. The requirement of an executed pre-negotiation letter has been removed as a condition of granting the forbearance, and the agreement no longer requires that tenants be placed on a formal repayment plan. Property management fees, the lesser of the current fee or 5 percent, are now considered an allowable expense, and all net operating income must be remitted to the lender by the 10th of the month.

Shelter-in-place orders across the U.S. are starting to have direct impacts on property expenses. The multifamily sector, particularly luxury properties, may see higher utility and cleaning expenses, with many employees working from home. Offices and retail, meanwhile, could see costs fall as properties remain closed. If rental income is impaired, owners across the board may consider property tax protests with regulatory bodies, to reflect the decline in cash flow and values. Please reach out to your Marcus and Millichap Capital Corporation professional to help sort through your financial strategy and options.

--Marcus & Millichap

03/30/20

Via Connect Florida Commercial Real Estate News- Top Broker Honoree: RPH Multifamily Group of Marcus & Millichap

"The RPH Multifamily Group of Marcus & Millichap is led by three co-founders, three junior agents, two staff members and a senior financial analyst. In 2019, the group collectively closed more than $157 million worth of multifamily deals across 30 transactions.

The RPH team consists of Ned Roberts, Adam Podbelski, Jason Hague, Sebastian Harris and Duane Anderson.

Notable transactions for the team included the $31 million sale of the 285-unit Whetstone Apartments in Pinellas Park, and the $14,500,000 sale of 72-unit Sand Cove Apartments in St. Pete Beach. At $201,389 per unit, Sand Cove is the highest price paid for a 1970s-era multifamily community in either Pinellas or Hillsborough County since 2006."

-Via Connect Media: CRE

03/20/20

Stock Market Volatility Index Reaches Record High. Turbulence Reinforces Long-Term Strength of Real Estate

Stock market correction spurs portfolio re-calibration.

As the new coronavirus (COVID-19) broke free from China, the prospects of increased economic risks drove Wall Street into a flight to safety.
Over the course of the following three weeks, the S&P 500 index fell 30 percent and pushed the 10-year Treasury to a record low, briefly touching 0.42 percent on March 9. Since bouncing from that intraday low, the Treasury rate has been on an upward trajectory. Market turbulence remains elevated, with the volatility index reaching its highest level on record, reiterating the comparative long-term stability of real estate investments.

 

 

 

 

Federal Reserve takes decisive action to sustain market liquidity.

To invigorate the economy during this period of uncertainty and proactively ensure capital markets do not lock up domestically or internationally, the Fed has taken swift action. On March 3, the Federal Reserve made an emergency 50-basis-point reduction to the overnight rate and later committed to more than $1 trillion of Treasury purchases and repurchase agreements. Following President Trump’s declaration of a national emergency on March 13, the Fed followed with an additional 100-basis-point cut and a commitment to $700 billion of quantitative easing. This takes the Fed funds rate back the 0-0.25 percent range, where it was through much of the Great Recession, keeping the interest rate
climate low to fuel spending to support economic growth. While the Fed’s action has been so swift that it caught Wall Street by surprise, creating short-term volatility, it has also demonstrated the commitment to getting ahead of the biggest financial market risks.

Real estate investments deliver outsized longterm returns.

While the stock market delivered exceptional total returns in excess of 25 percent last year, the recent correction has demonstrated how much volatility risk goes with that yield. Comparably, real estate investments averaged a total return of 7 percent last year, but without the whipsaw repricing experienced by Wall Street. Comparing the two asset classes over the long term demonstrates the advantages of real estate. An investment made 20 years ago, at the beginning of the year 2000, has delivered dramatically different results. The average total return on commercial real estate over this time has topped 359 percent while the stock market has delivered a 115 percent return. Even without considering the recent stock market correction, real estate outperformed.

 

 

 

 

Wall Street downturn significant but moderate compared with past corrections.

 

Over the course of three weeks, the stock market fell by 30 percent with dramatic singleday moves both up and down. While the new coronavirus sparked the selloff , the stock market was particularly vulnerable to a correction. Over the course of 2019, the stock market valuation increased to a record level that was not substantiated by comparable earnings in the 12 months leading up to the virus outbreak. By comparison, the stock market fell by 56 percent during the financial crisis in 2007 and by 49 percent in the early 2000's as the dot-com bubble burst. Though this downturn is significant and has yet to fully play out, much of the current momentum is fear-driven. As additional information
and clarity emerges, market dynamics should begin to stabilize.

-Marcus & Millichap

03/05/20

MARCUS & MILLICHAP ARRANGES THE SALE OF A 21-UNIT APARTMENT BUILDING

ST. PETERSBURG, Fla., March 5, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Madison on 4th, a 21-unit apartment property located in St. Petersburg, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,250,000.

Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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 Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.  

“Madison on 4th provided investors a great opportunity to acquire a turn-key community, with moderate upside, in a rapidly growing area of St. Petersburg. As a result of our marketing efforts we were able to facilitate 18 property tours resulting in 8 written offers. Ultimately, an out of state buyer was selected, who closed the deal at the contract price.” Said Harris.

Madison on 4th is located at 111 Southwest Madison Circle North in St. Petersburg, Fla. The multifamily community is located in immediate proximity to vibrant 4th street corridor with LA Fitness across the street and 3.5 miles to Downtown Core. There are 131,000 Jobs within 5 miles and 71.6 million square feet of office space within 15 miles (20-minute commute).

02/27/20

Marcus & Millichap Promotes Jason Hague to FVP Investments and Ned Roberts, CCIM to VP Investments

TAMPA, Fla., February 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced that Jason Hague and Ned Roberts, CCIM of the company’s Tampa office, have been promoted to First Vice President Investments and Vice President Investments, according to Chris Travis, Regional Manager.  

“Jason and Ned’s brand in the market goes beyond a transactional relationship with their clients. The RPH Multifamily Group is the beacon for how agents should operate and the success that comes from putting their clients’ needs first,” says Travis.

Hague was most recently a senior associate with Marcus & Millichap. He began his career at the firm in 2013 as an associate, was promoted to senior associate in 2017 and earned a sales recognition award in 2019. Hague specializes in multifamily properties in the firms’ Tampa office and is a co-lead in the RPH Multifamily Group. While with Marcus & Millichap, Jason achieved this First Vice President accomplishment with a history of 70 transactions valued at over $224 million dollars.

Roberts was also most recently a senior associate with Marcus & Millichap. He began his career at the firm in 2015 as an associate and was promoted to senior associate in 2018. He achieved sales recognition awards in 2018 & 2019 and the National Achievement Award in 2019. Roberts specializes in multifamily properties in the firms’ Tampa office and is partners with Hague and Adam Podbelski in the RPH Multifamily Group. Roberts has built a proven track record of more than 70 transactions valued at over $265 million dollars during his tenure.

02/19/20

MARCUS & MILLICHAP ARRANGES THE SALE OF A 11-UNIT APARTMENT BUILDING

PINELLAS PARK, Fla., February 19, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 78th Avenue Apartments, a 11-unit apartment property located in Pinellas Park, Fla., according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,034,000.

Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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 private investor, was also secured and represented by Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.  

“Through our exhaustive marketing efforts, we were able to generate 14 written offers from local, out of state, and international investors. The volume of activity further highlights the incredible demand we are seeing for value-add multifamily assets of all sizes in Florida.” Said Harris.

78th Avenue Apartments is located at 4030 78th Avenue North in Pinellas Park, Fla. The property is located 15 minutes from Downtown St. Petersburg and within 25 minutes of Downtown Tampa, Westshore Business District, Tampa International Airport and World-Renowned Pinellas County Beaches

02/05/20

MARCUS & MILLICHAP ARRANGES THE SALE OF A 36-UNIT APARTMENT BUILDING

TAMPA, Fla., February 5, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sanctuary Lofts, a 36-unit apartment property located in Tampa, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $5,000,000.

 

Ned Roberts, CCIM, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp, Adam Podbelski and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Ned Roberts, CCIM, Casey Babb, CCIM, Luis Baez, CCIM, Shawn Rupp, Adam Podbelski and Jason Hague.

“Sanctuary Lofts is an adaptive reuse of a historic church and is one of the coolest, most unique Multifamily properties in Tampa” said Babb.

“This deal was a year-and-a-half in the making.  Leveraging collaboration between two of Marcus & Millichap’s top Tampa teams we were able to source a buyer with the vision and capacity to take this complicated deal across the finish line,” Roberts added.

Sanctuary Lofts is located at 502 East Ross Avenue in Tampa, Fla.   The property consists of a variety of unique floor plans. 32 units are single level, one-bedroom/one-bathroom floor plans ranging 702 to 1,232 rentable square feet. Four units are two-bedroom/two-bathroom units with a two-level loft layout ranging from 1,314 to 1,702 rentable square feet. Additionally, there is an office space available for lease or use as community business center. Each floor plan is unique and has been thoughtfully designed to maximize the usage and functionality of the space.

Originally built in 1910, expanded in 1923 and adapted to multifamily use in 2004, the church-turned-apartments is situated on an approximate 1.05-acre site and is comprised of one, three-story residential building. The property offers a unique rooftop patio with views of Downtown Tampa and a private courtyard. The unit interiors offer spacious floor plans featuring luxury finishes including black appliances, hardwood flooring, lofted ceilings, track lighting, 30-bottle wine coolers and in-unit washers/dryers. Select units feature stainless steel appliances, granite countertops and gorgeous stained-glass windows.

The property is located on East Ross Avenue, located within the Historic Tampa Heights district considered the First Suburb of Tampa. The area is experiencing resurgence with the expansion of the Tampa Riverwalk, renovation of Water Works Park, he recently opened and extremely popular Armature Works. The Heights project, a new 43-acre mixed-use development is currently under construction.

The Sanctuary Urban Loft Apartments is situated just west of main arterial Interstate 275, which boasts a daily traffic count of 226,000 vehicles per day. Interstate 4 (185,500 vehicles per day), a major east/west arterial connecting Tampa and Orlando, begins less than one half mile from the property. The prime location offers easy access to local points of interest including the Water Works Park (0.7 miles away), Tampa Riverwalk (0.9 miles away), Straz Center for the Performing Arts (1.3 miles away) and Downtown Tampa (1.2 miles away). Interstate 275 provides convenient connectivity to Tampa International Airport, and International Plaza, Tampas premier shopping mall. Also, within that area is the Westshore Business District, Tampas leading business district with 12.75 million square feet of office space where more than 4,000 businesses and 100,000 employees call home.

01/27/20

Multifamily Investment Forecast 2020

Tampa-St. Petersburg

Corporate headquarter prominence, a strong financial sector and an expanding tech center produce solid job gains

Employment opportunities are contributing to the population expanding at a rate double that of the U.S. and the added residents will create almost 22,000 households, generating a need for additional housing. To meet the increased demand, deliveries rose above the five-year average last year, yet vacancy continued to tighten. This year, the construction pipeline thins, further lowering vacancy and driving rents higher. After investors concentrated in the urban cores during recent years, rising construction and land costs, as well as the need for cost-conscience rental options, drew them farther from the central cities. During 2020, the western portion of Pasco County will receive its largest inventory supply since 2002 with more than 660 units scheduled for delivery. Throughout the market, rising rents are generating robust demand for lower-cost housing. Vacancy in Class C units has sat below 3 percent for more than a year, producing sizable rent growth.

Economic and demographic gains draw attention to apartment assets

Lower entry costs and cap rates that average roughly 80 basis points above nearby Orlando are luring more out-of-state capital to the market. Yield-driven investors will find initial returns above the metro average in older Class C properties with less than 50 units in neighborhoods outside the urban core including University Square. Many other buyers are seeking value-add prospects. Buildings that can readily be upgraded and amenities improved to raise rent to market rate are desired but are scarce as a large number of assets have already been renovated. Investors seeking a steady cash flow may find opportunities in the Temple Terrace area, where vacancy rests below 4 percent, producing healthy rent
growth. A lack of new inventory in this neighborhood during 2020 should keep rental demand strong,especially as employment growth along the Interstate 4 corridor flourishes.

Orlando

Apartment market flourishes amid strong demand drivers

Orlando will retain its top spot in the nation for employment growth during 2020 as organizations add positions at a pace that is nearly triple the nation’s rate. Job opportunities, the metro’s quality of life and a favorable tax climate attract workers and retirees to the region. This year, 28,000 households are expected to be formed, a gain that generates a margin of increase more than double that of the nation. Many of these households will favor the flexibility, amenities and affordability of renting. The monthly cost of housing is a mounting concern in the market as rent growth has outpaced the U.S. rate since 2013. As a result, vacancy in Class C units has been below 2 percent since mid-2017, driving up rent in this class much faster than the metro average. A surge in market-rate deliveries this year will assist in providing additional housing but will do little to alleviate the growing need for lower-cost apartments, holding vacancy extremely tight in Class C rentals.

 

 

 

 

 

 


Orlando’s healthy economic trends lure new buyers to the metro

Many of these investors are seeking value-add opportunities, although fewer properties are available as many operators have made improvements, refinanced and are holding for the long-term. This is increasing competition for the limited supply of buildings listed for sale. Investors searching for steady cash flows may find opportunities in Class C properties near the university or in West Orlando. In these areas, Class C vacancy rested below 1 percent at the end of last year, which produced double-digit rent growth. No new apartments are scheduled for delivery in these locales during 2020, which should hold vacancy tight in the quarters ahead. Yield-driven investors can find cap rates above the metro average to the north of the city of Orlando. Class C buildings constructed in the 1960s and 1970s with less than 50 units in outlying areas including Sanford and Apopka can trade at first year returns above 6 percent.

MARCUS & MILLICHAP ARRANGES THE SALE OF A 112-UNIT APARTMENT BUILDING
 

LAKELAND, Fla., January 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Bentley Pines Apartments, a 112-unit apartment property located in Lakeland, FL, according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $7,900,000.     

 

Jason Hague, Adam Podbelski and Ned Roberts, investment specialists in Marcus & Millichap’s Tampa 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, Adam Podbelski and Ned Roberts.

“Bentley Pines was a unique transaction in that there were twelve different owners involved in the sale, all who owned at least one building within the community.  It was a large undertaking communicating with the group and getting everyone involved on the same page, but we were able to navigate through the hurtles and ended up with excellent results for our clients.   Due in part to our massive marketing campaign to over 15,000 buyers we were able to generate eight offers in only two weeks of marketing, three of which were close to or at list price.  Ultimately the winning buyer paid $100k over list price with substantial non-refundable money day one and closed seamlessly within 51 days from the executed contract date.” Said Hague.

Bentley Pines Apartments is located at 2050 East Edgewood Drive in Lakeland, Fla.  The community has 112 garden-style multifamily units. 

The Lakeland-Winter Haven MSA is ranked 4th in the nation for population growth, by a percentage of 3.2% (2018), which is expected to increase in 2020.  The property is in the heart of the 1-4 Corridor which has seen the largest concentration of job creation and population growth in the state. 

12/19/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 28-UNIT APARTMENT BUILDING
 

SARASOTA, Fla., December 19, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Phillippi Shores Village, a 28-unit apartment property located in Sarasota, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,465,000.     

 

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, 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, Jason Hague and Ned Roberts, CCIM.

“Phillippi Shores offered a very strong takeover yield for a stabilized asset located an area that has been in very high demand,” said Podbelski.  “This allowed us to create substantial interest and ultimately close on an all-cash basis within 23 calendar days of the effective date,” added Podbelski.

Phillippi Shores Village is located at 1872 Phillippi Shores Drive in Sarasota, Fla.  All units at Phillippi Shores Village feature high-end condo-grade finishes that include new granite countertops with undermount sinks, new cabinetry, new stainless-steel appliances, new wood-look vinyl-plank flooring and new fixtures.

“We sold this asset to the current seller in 2018 after negotiating an assignment of contract from another prospective buyer,” said Roberts.  “We are very pleased they were able to exceed our projection of added value achievable through a full-scale renovation of the asset,” he added.”

Phillippi Shores Village is located five minutes to Siesta Key Beach and the Westfield Siesta Key Mall.  The property is also 10 minutes to Downtown Sarasota.  

12/11/19

MARCUS & MILLICHAP SETS PRICE PER UNIT RECORD WITH $14,500,000 SALE OF 72-UNIT APARTMENT BUILDING

 

ST. PETE BEACH, Fla., December 11, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sand Cove Apartments, a 72-unit apartment property located in St. Pete Beach, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $14,500,000.  The sale equates to $201,389 per unit.  According to Costar, that is the highest price paid for a 1970’s-built multifamily community – in either Pinellas or Hillsborough County – since 2006.  It is also the highest price ever paid for a 1970’s-built community of a dozen units or larger in Pinellas County.        

 

Ned Roberts, CCIM, Adam Podbelski and Jason Hague, senior investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida corporation.  The buyer, a limited liability company, was also secured and represented by Ned Roberts, CCIM, Adam Podbelski and Jason Hague.

“The extremely rare chance to acquire significant scale in the submarket attracted numerous prospective buyers from across the county,” said Roberts.  “That competition, combined with a significant value-add opportunity, allowed us to generate this record-setting purchase price,” added Roberts.

Along with the price per unit record, the waterfront asset traded at a well-below market capitalization rate of 3.46 percent. 

 

Sand Cove is by far the largest multifamily community in St. Pete Beach.  At 72 units, it is more than three times the size of the next largest community and represents more than 20 percent of the market-rate apartment stock in the city.

“This was one of the most difficult deals we’ve transacted on during our tenure at Marcus & Millichap.   Despite some major hurdles along the way, Ned, Adam, and myself were able to work as team to get this deal to the finish line.  We ended up finding the perfect buyer who shared our vision for the future potential of this asset, and we’re excited to see that vision executed on over the next few years,” added Hague.

Sand Cove Apartments is located at 3813 Gulf Boulevard in St. Pete Beach, FL.  The irreplaceable waterfront property is located on the Intracoastal Waterway, directly across the street from world-renowned Gulf of Mexico beaches.  All units at the property feature water and pool views.  Sand Cove Apartments has frontage to Gulf Boulevard which sees 23,000 vehicles per day.

“Our ability to showcase the demonstrable upside offered by Sand Cove was ultimately what allowed us to compress the takeover capitalization rate to sub-3.5%,” said Podbelski.  “The tremendous opportunity provided by both the asset’s size and location are what attracted a very-well experienced owner/developer to close on an all-cash basis at contract price with non-refundable money day-one,” added Podbelski.

11/1/19

Tampa-St. Petersburg Metro Area Multifamily Market Report

 

Strong rental demand holds vacancy tight

Vacancy hovered just 30 basis points above the 20-year low in the third quarter as the metro’s robust economy is boosting apartment demand. Employment gains have outpaced the U.S. rate of growth for the past nine years. Many of the positions created during the past four quarters were in higherpaying segments including financial and professional services. The latter category also includes workers in the rapidly expanding tech sector. Employment opportunities are drawing job seekers to the region. During 2019, net migration will top 41,300 residents and the influx of people will result in the formation of roughly 25,500 households, nearly double the U.S. rate of change. Many of these households will opt to rent as the cost of purchasing a residence continues to climb, pricing more potential homeowners out of the market and keeping them in apartments.

Favorable operations underpin heightened construction activity

The limited supply of available rentals and steady rent gains are encouraging developers to move forward with new apartment projects. Deliveries in 2019 will climb to the highest level since 2000, with nearly all submarkets receiving additional inventory. The largest project underway is in the Water Street development in Downtown Tampa. The 26-story building provides 420 apartments and a 2021 delivery is expected. As available sites dwindle and construction costs rise in the downtown cores, developers are moving into nearby suburbs including Largo and Pinellas Park, or even farther north into Pasco County.

 

Orlando Metro Area

Rental demand fueled by robust employment and household gains

During the past four quarters the metro registered the second highest rate of job growth in the nation. The largest expansion was in the higher-paying professional and business services sector, which boosted household income to nearly twice the U.S. rate of change. It is also an indication of the local economy diversifying beyond its root in hospitality. Employment opportunities are helping to entice more than 1,000 new residents to the region each week, creating the need for additional housing. Orlando also led the nation in household formation during the same 12-month period, and many are choosing to rent as rising residential prices prevent more people from owning a home. The cost to own in favored neighborhoods or with desired amenities is even higher, making apartment living a more viable option in some areas.

Strong demand drivers hold vacancy tight and push rent up

Vacancy rested just 20 basis points above last year’s cyclical low in the third quarter, with the rate below 5 percent in all of the metro’s submarkets. Apartment demand was especially strong in the Winter Park/Maitland area with vacancy at 2.4 percent in September even though more than 2,100 rentals have been added to inventory during the past two years. The lack of available units metrowide is keeping developers active with projects underway in the majority of submarkets. The pipeline, however, has 1,000 fewer units than at this time last year, an indication that vacancy will likely remain low, producing sizable rent gains into next year.

-Marcus & Millichap

10/29/19

MARCUS & MILLICHAP ARRANGES SIMULTANEOUS SALE OF FOUR PINELLAS PARK APARTMENT COMMUNITIES

PINELLAS PARK, Fla., October 29, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Pinellas Park Portfolio, four-property, 56-unit apartment portfolio located in Pinellas Park, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The assets sold for $4,700,000.

        

Ned Roberts, CCIM, Jason Hague, Adam Podbelski and Sebastian Harris, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the properties on behalf of the seller, a group of limited liability companies.  The buyer, a private investor, was also secured and represented by Ned Roberts, CCIM, Jason Hague, Adam Podbelski and Sebastian Harris. 

“We marketed these properties both collectively and separately given the varied nature of the assets,” said Roberts.  “However, our primary goal was to find the unique buyer with interest in acquiring the entire portfolio.  Through our exhaustive marketing campaign, we were able to identify a buyer in the midst of a 1031 exchange for whom these assets were a perfect fit.  That enabled our selling-client to exit his investments simultaneously and pursue his own 1031 exchange transaction.”

The Pinellas Park Portfolio is composed of Park 29, Park 15, and Alpine Apartments, all located Pinellas Park, Fla.  The majority of the communities are within walking distance of each other and are constructed of concrete block.  All properties have on-site laundry facilities and the majority of the units have two-bedroom floorplans.

The Pinellas Park Portfolio situated in Florida’s most densely populated county, Pinellas County.  The apartment communities are within easy commute of downtown St. Petersburg, downtown Tampa and Tampa's Westshore Business District and minutes from world-renowned Gulf of Mexico beaches and TripAdvisor’s #1 Beach in America, Clearwater Beach.

10/22/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 28-UNIT APARTMENT BUILDING

LAKELAND, Fla., October 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Goodyear Apartments, a 28-unit apartment property located in Lakeland, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $1,662,625.

        

Ned Roberts, CCIM, Adam Podbelski and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

“This deal was not without its challenges – including a delay caused by Hurricane Dorian,” said Mr. Roberts.  “But we overcame those challenges and ultimately provided the seller with surety of closing by negotiating a contract which included an extremely short three-day due diligence, no financing contingency and a substantial earnest money deposit.”

Goodyear Apartments is located at 1647 Goodyear Avenue in Lakeland, Fla.  Several of the units have been recently upgraded with further value-add potential via additional unit interior and common area improvements.  Lakeland is centrally located between Tampa Bay and Orlando MSA’s.

10/17/19

MARCUS & MILLICHAP ARRANGES TWO-WEEK CLOSING OF 24-UNIT APARTMENT BUILDING

CLEARWATER, Fla., October 17, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sunset Point Portfolio, a 24-unit, 4-property, apartment Portfolio located in Clearwater, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,200,000. The property was sold within 23 days of going on-market and closed less than two weeks after going under contract.

        

Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, Multi-Family 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 Sebastian Harris, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.

“This sale represents the continued high level of interest investors have in the Central Pinellas Market.  The buyers specialize in adding value through improved management and have a presence in the area, so the properties were a natural fit. The sellers were motivated by the aggressive terms and an extremely quick closing timeline we negotiated on their behalf,” said Mr. Harris.

Sunset Point Portfolio includes Alpine Road Apartments, located at 2035 & 2045 Alpine Road and Spring Lane Apartments, located at 1426 & 1428 Spring Lane in Clearwater, Fla.  All of the communities are within walking distance of each other at 0.6 miles apart.  All communities are constructed of concrete block and feature an attractive unit mix of 100% two-bedroom units.

Sunset Point Portfolio is located less than 1.5 miles from Clearwater’s Waterfront Edgewater Park, less than 2.3 miles from Downtown Dunedin and less than 2.3 miles from Clearwater Beach, TripAdvisor’s #1 Beach in America.

09/19/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 50-UNIT APARTMENT BUILDING

COCOA, Fla., September 19, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Costa De Cocoa, a 50-unit apartment property located in Cocoa, FL, according to Ryan Nee, regional manager of the firm’s Tampa office. The asset sold for $3,275,000.

        

Jason Hague, Adam Podbelski and Ned Roberts, CCIM, 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 Jason Hague, Adam Podbelski and Ned Roberts, CCIM.

“This was a great opportunity for a buyer looking for a value-add play with some hair on it in a growing submarket.  We ended up generating a significant amount of activity during the marketing cycle and ultimately decided to move forward with a first-time buyer in the Florida market, Knickerbocker Asset Management.  Although Knickerbocker were first time buyers locally, they are experienced operators with decades worth of track record in New York.   The buyer group was incredibly professional, and their experience showed throughout closing process,” said Jason Hague.

Costa De Cocoa is located at 1010 North Fiske Blvd in Cocoa, Fla.  The community is located in Florida's Space Coast, Home of SpaceX’s Newest Rocket Project.

Costa De Cocoa offers an attractive unit mix consisting of a majority of two-bedroom and three-bedroom units.  Thirty-nine of the fifty units are townhome style and have large floors plans averaging more than 870 square feet.  Eighty-eight percent of unit interiors have received moderate upgrades including new kitchen cabinetry, tile or vinyl plank flooring and new counter tops. 

08/06/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 70-UNIT APARTMENT BUILDING

FORT MYERS, Fla., August 6, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Residences at Page Park, a 70-unit apartment property located in Fort Myers, FL, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $12,300,000.

        

Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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, Ned Roberts, CCIM and Jason Hague.

“The Residences at Page Park provided a unique opportunity for a well-established developer to takeover 70 existing units with the ability to further increase their unit count on the approximate 4.53 acres included in the sale,” said Mr. Podbelski.  “Moreover, given that the acreage was sizeable enough to also accompany the buyer’s proposed amenity package, we were able to demonstrate added upside and consequently compress the takeover cap. rate to approximately 5.28%,” added Podbelski.

Residences at Page Park is located at 200 Dahlia Lane in Fort Myers, Fla.  The apartment community offers an attractive mix of 100% three-bedroom units.  Residences at Page Park is a new development completed in 2016 with ground-up concrete block construction.  Located in Fort Myers, Fla, Residences at Page Park has a strong location just off of the major north/south thoroughfare U.S. 41.

07/16/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 21-UNIT APARTMENT BUILDING

SARASOTA, Fla., July 16, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Artisan Cove, a 21-unit apartment property located in Sarasota, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,950,000.

        

Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialist 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, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office.

“Artisan Cove provided an incredibly unique opportunity to acquire a Class “A” asset in the highly sought-after neighborhood of Laurel Park in Downtown Sarasota,” said Adam Podbelski.  “Furthermore, given the value-add component that Artisan offered, we were able to generate multiple offers before closing at our contract price of approximately $188,000/unit – one of the highest price per door trades in Sarasota County for 1980’s-built product,” added Podbelski.

Artisan Cove is located at 1840 Morrill Street in Sarasota, Fla.  The property is a turn-key asset with fully renovated units and common areas. Artisan Cove has an attractive mix of 100 percent two-bedroom/two-bath units with screened-in porches and patios. The community is also located in an opportunity zone allowing for the ability to forego capital gains taxes after a 10-year hold. 

07/03/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 10-UNIT APARTMENT BUILDING

CLEARWATER, Fla., July 3, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Skycrest Greens Apartments, a 10-unit apartment property located in Clearwater, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $975,000.

        

Sebastian Harris, Adam Podbelski, Jason Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a limited liability company, was also secured and represented by Sebastian Harris, Adam Podbelski, Jason Hague and Ned Roberts, CCIM. 

“This sale is representative of investors’ continued desire to seek value-add opportunities, and their willingness to look outside of core markets to find them,” said Sebastian Harris.

 

Skycrest Greens Apartments is located at 1767 Leo Lane South in Clearwater, Fla.  The property has a newer roof and the parking area was recently repaved. The community is centrally located, just 3.7 miles away from Downtown Dunedin and 6.2 miles from the world-renowned Clearwater Beach (TripAdvisor's 2018 #1 Beach in America).

06/25/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 23,577-SQUARE FOOT MIXED-USE BUILDING

VERO BEACH, Fla., June 25, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Indian River Medical Office & Apartments, a 23,577-square foot mixed-use property located in Vero Beach, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $3,075,000.

        

Jason Hague, Krone Weidler, L.J. Tsunis, Adam Podbelski and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited partnership out of Ohio.  The buyer, a private investor, was also secured and represented by Jason Hague, Krone Weidler, L.J. Tsunis, Adam Podbelski and Ned Roberts, CCIM. 

“This is one of the most unique assets our team has marketed in some time,” said L.J. Tsunis. “It’s rare you see a mixed-use type property outside of a major MSA or CBD (Central Business District). Through our multi-phased and collaborative approach to marketing this property, which included potential investors in medical office as well as apartments nationwide, we were able to generate multiple-offers and significant proceeds to the seller in a short period of ownership,” added Tsunis. “This deal was a true testament to the collaboration that Marcus & Millichap is able to offer to their clients,” said Jason Hague.  “Despite the fact that Krone and L.J. specialize in Medical Office and Assisted Living while my team focuses on Multifamily, we were both able to bring a unique aspect of cross-platform marketing to the table which ultimately enabled us to procure the perfect buyer for such a unique deal,” added Hague. 

 

Indian River Medical Office & Apartments is located at 1485 37th Street in Vero Beach, Fla., and consists of a two-story medical office and apartment building. The building was completed in 1984 and contains first floor medical office space and 14 second floor apartments, with a total rentable square footage of 23,580. The first floor is designed with up to 13 individual office suites, with four tenants currently occupying these spaces, occupancy is presently 100%.  “The property sits adjacent to Indian River Hospital, which was just taken over by The Cleveland Clinic. Due to this property’s location, and the significant investment expected by the hospital in the years to come, this property will continue to enjoy stable returns for the buyer,” said Tsunis.

There are 14 residential apartments on the second floor totaling 11,792 square feet of rentable building area in size. There is one, one-bedroom apartment and one, three-bedroom apartment, with the other 12 units all containing two-bedrooms and 1.5-bathrooms. They are currently 100% occupied. “The seller was able to implement a value-add strategy with the apartments by inputting partial upgrades to the units. The buyer will be able to continue these upgrades and continue to raise rents,” added Tsunis.

06/13/19

Housing outlook rises as mortgage rates fall

Existing home sales fell for the second consecutive month in April, as the higher mortgage rates weighed on demand and the limited supply of available homes left entry-level buyers with few options. Though the housing market has had its challenges, builder sentiment is improving, leading to a moderate rise in permit issuance and housing starts.

 

 

 

 

 

 

 

 

 

 

Housing sector sustains positive demand drivers

For the first time since January of 2018, mortgage rates dipped below 4 percent. With borrowing costs at 18-month lows, current owners are regaining some of their purchasing power. As rates stay compressed and the supply of available homes continues to increase, overall home sales should rise in the coming months. Despite improving sentiment, the lack of available lots and tight labor markets nationally will keep constraints on new housing development, supporting the sustained appreciation of existing homes and tight vacancies in apartment buildings.

Shortage of available starter homes benefits rental market

As the current business cycle matures and economic momentum slows, consumers are choosing to stay in their first homes longer. These owners are more likely to upgrade their homes through renovations, placing added demand on home improvement and furniture retailers. This restraint on for-sale inventory will keep rental vacancy tight near employment hubs. Many millennials are choosing to continue renting as they favor the
amenities and location provided by urban apartments. Those who are transitioning into single-family homes are often pushed to the edges of existing suburbs, where higher land availability and reduced demand increase affordability. As households increase in these areas, investor demand for suburban commercial real estate assets may increase.

-Marcus & Millichap

05/21/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 16-UNIT APARTMENT BUILDING

CAPE CORAL, Fla., May 21, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Cape Coral Apartments, a 16-unit apartment property located in Cape Coral, FL, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,437,500.

        

Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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 private investor, was also secured and represented by Adam Podbelski, Ned Roberts, CCIM and Jason Hague.  

“The strength of our marketing campaign allowed us to generate 9 offers and close with a very well qualified, California-based buyer,” says Podbelski.  “Overall, this was very much a win-win for both parties.”  

 

Cape Coral Apartments is located at 827 SE 46th Lane in Cape Coral, Fla. The community is three blocks north of Cape Coral Parkway and within walking distance of the Central Shopping District. This lushly-landscaped property has direct frontage to a gulf-access waterfront canal, offering a unique resort-style environment for residents.

04/25/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 55-UNIT APARTMENT BUILDING

HOLLY HILL, Fla., April 25, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Treeview Villas, a 55-unit apartment property located in Holly Hill, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $4,317,500.

        

Adam Podbelski, Ned Roberts, CCIM and Duane C. Anderson, investment specialists in Marcus & Millichap’s Tampa and Orlando offices, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a private investor, was also secured and represented by Duane C. Anderson, Ned Roberts, CCIM and Jason Hague, investment specialists in Marcus & Millichap’s Orlando and Tampa offices.     

“This was a true win-win for both seller and buyer.  For the seller we were able to realize a record price per unit for a property of the age and size.  At the same time the buyer is a acquiring a significant value-add opportunity, with in-place rents currently $200 per month below what can be achieved after renovations,” said Roberts, CCIM.  

“This was a great acquisition for the buyer to add to their inventory in the Central Florida Market. There was a good amount of upside here making it a strategically good purchase,” added Anderson.

 

Built in 1980, all units in Treeview Villas are all two-bedroom, two-story townhomes. Treeview Villas is located at 913 Catherine Avenue in Holly Hill, Fla. 

04/23/19

MARCUS & MILLICHAP ARRANGES THE SALE OF AN 18-UNIT APARTMENT BUILDING

SAINT PETERSBURG, Fla., April 23, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Caprice Apartments, an 18-unit apartment property located in Saint Petersburg, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,950,000.

        

Jason Hague, Adam Podbelski and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, a limited liability company, was also secured and represented by Jason Hague, Adam Podbelski and Ned Roberts, CCIM.  

“Throughout the extensive marketing period we were able to attract substantial interest in the property through our national marketing campaign, ultimately bringing 12 offers to the table. We ended up closing with a local buyer who paid all cash and closed within 21 days of the executed contract. The property’s below average rents and excellent location with the downtown core make it a great value add play,” said Mr. Hague.  

Caprice Apartments is located at 441 3rd Street South in Saint Petersburg, Fla. The property is located Downtown St. Petersburg, Florida and is within walking distance to Bayfront Health, All Children's Hospital, University of South Florida-St. Petersburg Campus, Publix Supermarkets, as well as numerous restaurants, bars, museums and other attractions.  

04/04/19

MARCUS & MILLICHAP ARRANGES THE SALE OF AN 8-UNIT APARTMENT BUILDING

NEW PORT RICHEY, Fla., April 4, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 4641 Grand Boulevard, an 8-unit apartment property located in New Port Richey, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $375,000.

        

Sebastian Harris, Jason Hague, Ned Roberts, CCIM and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Sebastian Harris, Jason Hague, Ned Roberts, CCIM and Adam Podbelski.  

“We were able to drive over six offers and ultimately meet the Sellers’ goals,” said Harris. “This is another example of the type of value-add opportunities investors continue to seek,” added Hague.  

4641 Grand Boulevard is located in New Port Richey, Fla., and has an attractive unit mix of mostly two- and three-bedroom units. Originally built in 1972 of concrete block construction, the property is located just four-miles from the Gulf of Mexico and is not in a flood zone. The community is also less than one-mile form major thoroughfare and retail corridor U.S. Highway 19, which sees 57,000 cars daily. 

03/29/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 12-UNIT APARTMENT BUILDING

CLEARWATER, FL, March 29, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Creekside at Glen Oaks, a 12-unit apartment property located in Clearwater, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,040,000.

        

Sebastian Harris, Ned Roberts, CCIM, Jason Hague and Adam Podbelski, 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 Sebastian Harris, Ned Roberts, CCIM, Jason Hague and Adam Podbelski.  

Creekside at Glen Oaks is located at 1280 Druid Road East in Clearwater, Fla.   The property has frontage on Druid Road with 8,500 vehicles passing by daily. Creekside at Glen Oaks also offers a highly attractive unit mix with 100 percent large two-bedroom/one-bath floor plans. The community is in the Path of Penny for Pinellas pedestrian pathway, connecting Tampa to Clearwater Beach and is located 3.7 miles to world-renowned Clearwater Beach (TripAdvisor's 2018 #1 Beach in America).

03/25/19

IPA Capital Markets Secures $24.8 Million for Fractured Condo Purchase 

Marcus & Millichap brokered the $34.1 million sale.

TAMPA, Fla., March 25, 2019 – IPA Capital Markets, a division of Marcus & Millichap Capital Corporation, announced today the acquisition financing and sale of 260 apartments and 74 out of 108 condominium units in Lake Azzure, a 368-unit multifamily complex in Tampa, Florida. The 334 units sold for a total of $34.1 million. IPA Capital Markets arranged a $24,800,700 equity loan for the purchase.

        

“We overcame multiple historical operational concerns and delivered a full-leverage agency loan for this complicated fractured condominium asset,” said Eric Fixler, first vice president, IPA Capital Markets. The fixed-rate loan was secured for 10 years with five years interest-only on behalf of the purchaser, a family office.  

The Marcus & Millichap brokerage sales team included Evan Kristol, executive managing director investments, Ned Roberts, CCIM, senior associate Jason Hague, senior associate, and Adam Podbelski, senior associate. The seller is a private real estate group based in New York.

 

Built in 1972 on more than 24 acres adjacent to a 16-acre lake, the 30-building property is one block from Dale Mabry Highway. Tampa International Airport, the Westshore Business District and Downtown Tampa are nearby.

Multifamily Investment Forecast 2019

Tampa-St. Petersburg

Vacancy Drops to New Low, Sparking Rent Acceleration

Rental demand outpacing inventory additions. Apartment deliveries will remain above the 10-year average this year with more than half of the metro’s submarkets receiving new rentals. The greatest number of new units will be in Central Tampa. Here, a surge of mixed-use redevelopment projects are transforming underutilized sections of the core into walkable urban neighborhoods with amenities. Completions in the area will remain heightened over the next several years as rentals in the 50-acre Water Street development are finalized. Marketwide, new apartment inventory will not keep pace with apartment demand this year, as population growth more than doubles the national average. Absorption will be sustained as rising interest rates and home prices as well as a lack of for-sale starter homes keep more tenants from transitioning to homeownership. As a result, vacancy will dip below 4 percent for the first time, pushing the average e¨ective rent to a new high.

Vibrant economic and demographic trends lure investors to Tampa-St. Petersburg

The strong rental market, driven by robust employment and population growth, continues to attract a wide range of investors to the metro. Many are seeking the lower entry costs and comparatively higher cap rates that average in the low-6 percent area. Newer apartments with some upside potential are keeping institutional and high-net-worth investors active in the urban core, near the beaches and in high-growth communities, especially in outlying Hillsboro County. Many other buyers are targeting well-located Class C properties with some upside potential, but demand for these assets far exceeds supply. Buildings around the many redevelopment efforts near downtown St. Petersburg and Tampa, or in Largo, may provide buying opportunities. As valuations and interest rates trend higher, investors are becoming more cautious and taking longer to scrutinize deals. This is widening the gap in expectations and slowing transaction momentum.

Orlando

Dynamic employment growth and favorable quality of life are a boon to the rental market

Job gains more than triple the national level amid tight unemployment are producing significant migration into the metro and generating a surge in housing need. Nearly 65,900 new residents will reside in Orlando during 2019, boosting rental demand. Even though apartment completions will hover near the five-year average, demand will outpace new inventory this year, tightening vacancy to one of the lowest rates in the nation. Deliveries will be widespread with nearly every submarket receiving new units. Many of the projects are mixed-use apartment buildings with ground-floor retail in walkable neighborhoods favored by young renters. As vacancy tightens and additional units are placed into service during 2019, the average e¨ective rent will jump more than 7 percent for a third consecutive year, one of the highest growth rates in the U.S.

 

 

 

 

 

 

 

Investors enticed by Orlando’s robust economy and vibrant apartment sector

More national, international and syndicate buyers are entering Orlando, boosting competition for available apartment properties. Many of these investors are seeking to lower risk by targeting newer Class A assets with at least 250 units. Buildings near downtown Orlando or close to major employment centers along International Drive are garnering attention at first-year returns that average in the low-5 percent span. Heightened construction activity in these desired neighborhoods should provide additional buying opportunities as developers list stabilized properties to fund new endeavors. Investors in search of yield will find cap rates above the market average, which is in the low-6 percent area, in older assets northwest of downtown in Pine Hills or Ocoee. Throughout the metro, a rise in values coupled with the increased cost of financing has widened the pricing gap between buyers and sellers. This could delay the transaction time to close deals this year.

03/18/19

Declining underemployment supporting apartment demand

The tight labor market is helping those who have had a difficult time finding a job in the past attain new opportunities. This is reflected in an 80-basis-point drop in the broad-based underemployment rate, the largest single-month decline in the measure’s history. The rate accounts for people who are normally excluded from the standard unemployment rate, such as discouraged individuals who have not looked for work in recent months and part-time employees seeking full-time positions. As more of these workers find full-time employment, new households will form, boosting demand for apartments. Class C units in particular will benefit as they offer inexpensive housing options. While Class C monthly rates have appreciated 33 percent over the past 10 years, Class A and B rents rose by greater margins. The gap between the average Class C effective rent and Class A or B rent is wider now than it was a decade ago. This could direct more potential renters toward that option, reducing availability. The Class C vacancy rate fell to 4.1 percent at the end of 2018, its lowest level since 2000 and 50 to 100 basis points below comparable measures for Class A and B units. In general, the unemployment rate and the Class C vacancy rate have tended to move together over time. This poses a risk for investors should the economy lose substantial momentum.

-Marcus & Millichap

03/13/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 52-UNIT APARTMENT BUILDING
 

FORT MYERS, Fla., March 13, 2019 – 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 Riverwalk, a 52-unit apartment property located in Fort Myers, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $6,025,000. 

        

Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Adam Podbelski, Ned Roberts, CCIM and Jason Hague, investment specialists in Marcus & Millichap’s Tampa office.   

“Riverwalk is a waterfront apartment community located in the River District of Downtown Fort Myers.  Given the excellent location, it was a highly sought-after asset and we received 7 offers before closing just over the full ask price,” said Babb. 

 

“Given the highly desirable location coupled with the asset’s strong upside potential, Riverwalk was a great addition to our client’s Southwest Florida portfolio – thus, we were able to close at contract price well within the time parameters of the agreement,” added Podbelski.  

Originally built in the 1960s, The Riverwalk has evolved over time most recently becoming vacant in the late 2000s in advance of a failed condo tower development and then being brought back to life by the current owner who invested $1.2 million into the property to completely renovate all of the units as well as the building exteriors, common areas, amenities and landscaping. Situated on 1.95 acres at the foot of the Edison Bridges and overlooking the Caloosahatchee River, the site features lush tropical landscaping and surface parking for the residents as well as wide walkway corridors between the eight, two-story buildings which are constructed of concrete block and painted stucco exteriors with exterior access breezeways and pitched shingle roofs.

 

Residents enjoy common amenities such as on-site leasing and laundry centers, a Florida-style clubhouse, sparkling swimming pool and sundeck overlooking the waterfront, as well as a riverfront observation and fishing deck. Units are 100 percent two-bedroom/one-bathroom units ranging in size between 900 and 914 square feet and feature semi-private patio or breezeway access, mostly hard surface ceramic tile flooring throughout with carpet in the bedrooms, fully-appointed kitchens with black, energy-efficient appliances including dishwashers and built-in microwaves, cherry wood cabinets, formica countertops, crown moldings, textured paint and updated light and fan packages, window treatments and river, pool or garden views in select locations.  Riverwalk is located at 2515 1st Street in Fort Myers, Fla.   

02/28/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 21-UNIT APARTMENT BUILDING
 

NEW PORT RICHEY, Fla., February 28, 2019 – 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 River's Edge Apartments, a 21-unit apartment property located in New Port Richey, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,400,000. 

        

Jason Hague, Adam Podbelski and Ned Roberts, CCIM investment specialists in Marcus & Millichap’s Tampa 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, an investment specialist in Marcus & Millichap’s Tampa office.  

River’s Edge Apartments is a rare waterfront Class “B” community with a dock.  The apartments have an attractive unit mix of 95% two-bedroom units with above-average size floor plans.  Amenities include washer/dryers in select units and on-site laundry facilities. 

River’s Edge Apartments is situated less than a half-mile from the major thoroughfare of U.S. Highway 19, which sees 57,000 cars daily.  The apartment community is within walking distance to several major medical centers and a retail corridor.  Port Richey is located in Pasco Country which is one of the 100 fastest growing counties in the country, according to U.S Census Bureau, and the 12th largest county in Florida.  River's Edge Apartments is located at 5604 La Salle Ct in New Port Richey, Fla.   

02/28/19

MARCUS & MILLICHAP ARRANGES THE SALE OF A 78-UNIT APARTMENT BUILDING
 

LEESBURG, Fla., February 28, 2019 - 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 Sunwood Village Apartments I & II, a 78-unit apartment property located in Leesburg, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,000,000.  

        

Adam Podbelski, Ned Roberts, CCIM and Jason Hague investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership.  The buyer, a limited liability company, was secured and represented by Adam Podbelski, Ned Roberts, CCIM and Jason Hague.

“Due to the strong value add component of this deal we received substantial interest from the market on Sunwood, ultimately bringing eight offers to the seller in less than a month, three of which were at or above list price.  Because of the high level of competition we generated, we were able to strike a deal well over list price with an out of area buyer who closed all cash.”

Sunwood Village Apartments I & II is an attractive, 1980’s built, value-add community that is currently experiencing an 4.5% annual rent growth.  The property has a desirable unit mix of 74% two-bedroom units, 43% of which are two-story townhomes.  Renovations have been completed in 62% of the units and include new kitchen appliances, new plumbing and light fixtures, and upgraded kitchen cabinets and countertops. 

Leesburg is part of Lake County, which is included in the Orlando-Kissimmee-Sanford MSA.  The city is situated between Lake Harris and Lake Griffin and several major highways pass through the city including U.S. Highway 27, U.S. Highway 41 and State Road 44.  Sunwood Village Apartments I & II is located 20 minutes from The Village and one hour from Orlando, two of the fastest growing markets in the Country.  Sunwood Village Apartments I & II is located at 39 Herald Drive in Leesburg, Fla.

01/17/19

Introducing RPH Multifamily of Marcus & Millichap - A Premier Florida-Focused Apartment Brokerage Advisory Team
 

Ned Roberts, CCIM, Adam Podbelski and Jason Hague – all Senior Investment Associates with Marcus & Millichap – are pleased to announce the formation of RPH Multifamily of Marcus & Millichap. With more than 50 years of combined commercial real estate experience, RPH Multifamily is a premier Florida-focused apartment brokerage advisory team. As the #1 investment sales brokerage in the United States, by $1- to $10-million asset market share, Marcus & Millichap recorded $42.2 billion in 2017 transaction volume. Based in the firm’s Tampa office, RPH Multifamily is uniquely positioned to advise clients throughout Florida with agents also located in our Orlando, Fort Myers and Jacksonville offices. Our Jacksonville team also serves clients throughout Southern Georgia.  

         
The RPH Multifamily team has successfully closed more than $650 million in multifamily transactions across Florida throughout their careers. Hague and Roberts work in the firm’s Tampa office, with Podbelski located in Fort Myers. The team also includes Allan Holbrook, a 30-year industry veteran and Senior Investment Associate based in Jacksonville; Duane Anderson, an Investment Associate based in Orlando; along with Sebastian Harris and Christine Daly, Investment Associates based in Tampa. The team is supported by veteran Senior Financial Analyst, Chris Kool; Operations & Marketing Coordinator, Jen Walstad; and Assistant Marketing Coordinator, Michael Clennan.

 

“Given the incredibly strong worldwide demand for Florida’s multifamily assets, deep knowledge of the Sunshine State’s economically and geographically diverse markets is critical,” says Roberts. “Our statewide agent team and expert staff provide our clients with an unparalleled level of local access and expertise,” he adds.

           
The group proudly and successfully leverages Marcus & Millichap’s position as the national leader in private-client-focused commercial real estate investment sales. The firm’s national platform – including 82 offices and more than 1,800 agents across North America – helped deliver more than $1.6 billion in out-of-state capital to the Florida market in 2017 from buyers attracted to Florida’s ever-growing population and continued economic expansion. Additionally, 42% of those transactions were closed with 1031 exchange buyers, making Marcus & Millichap the industry-leading 1031 exchange facilitator.

 

“We’re thrilled to be leading such an already accomplished group of individuals,” says Podbelski. “Coupled with Marcus & Millichap’s decades long track record as a proven industry leader within the nation’s private client multifamily investment space, we’re very much excited to continue growing our presence in Florida and Southern Georgia,” he adds.

 

The RPH Multifamily team strives to provide the highest level of advisory services throughout every phase of the asset disposition process. We offer detailed financial and market analysis, along with marketing campaigns which have global reach through our massive proprietary database. Furthermore, we provide clients critical advice in vetting competing offers with our deep buyer knowledge-base and hands-on navigation of the due diligence and in-contract process.

 

“I’m excited about the formation of the team,” says Ari Ravi, Regional Manager of Marcus & Millichap’s Tampa office. “The local expertise of the leadership, their agents and staff, combined with the national platform of Marcus & Millichap will result in the highest level of service and results for all of our clients. It’s a privilege having personally worked with all the individuals on the team for several years and I am confident they will build upon the dominant market share we have throughout our markets,” he adds.

 

The entire RPH Multifamily team looks forward to working with you in 2019 and beyond!

To Contact Our Team 

or Request a Market Analysis:

Tel: 813.387.4847

Email: RPHmultifamily@marcusmillichap.com

201 North Franklin Street, Suite 1100 

Tampa, FL 33602

OR PLEASE FILL OUT OUR CONTACT FORM:

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