46 DAYS FROM MARKETING LAUNCH TO CLOSING FOR RPH MULTIFAMILY GROUP APARTMENT BUILDING SALE
WINTER HAVEN, FL, December 29, 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 Tropical Gardens Apartments, a 12-unit apartment property located in Winter Haven, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $925,000.
Ned Roberts, 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 secured and represented by Ned Roberts, Adam Podbelski and Jason Hague.
“We were able to close this deal just 46 days after launching our marketing campaign”, said Roberts, “This is a testament both to our ability to quickly source a competitive buyer pool and the very much in demand I-4 corridor,” he added. “We closed at contract price which equates to $77,083 per unit – the highest price per unit ever paid for 1980’s construction under 50 units in Winter Haven.”
Tropical Gardens Apartments is located at 3101 Ave V NW in Winter Haven, FL. It was built in 1986 and has an attractive unit mix of majority two-bedroom units. Eight units have been upgraded with new white appliances, tile or vinyl plank flooring and new or refinished cabinetry and all units feature washer/dryer appliances.
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