MULTIFAMILY ASSET SOLD IN BRADENTON BY THE RPH MULTIFAMILY GROUP
BRADENTON, FL, April 1, 2021 – 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 Duplexes on 59th, an 18-unit apartment property located in Bradenton, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,100,000.
Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, 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 Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson.
“The Duplexes on 59th provided a substantial value-add opportunity, as the upside had already been proven on a handful of units. That said, the major challenge that this assignment posed was the lack of readily available, favorable debt, as the sellers had less than a year of ownership and no trailing financials from the previous owner to provide. However, by utilizing our national platform, we were able to generate multiple offers and ultimately close with a Utah-based group that was able to offer a non-refundable deposit day-one and close without a financing contingency, as they understood the future upside with the opportunity,” said Podbelski.
The Duplexes on 59th is located at 1103-1118 59th Avenue Circle East, 5924 12th Street East & 5922 12th Street East in Bradenton, FL. The property is comprised of nine contiguous buildings with 100% three-bedroom two-bathroom units on an entire cul-de-sac. The Duplexes on 59th has concrete block construction and had extensive renovations in 2020 including new roofs, exterior paint and six fully upgraded units.
Are you interested in selling or buying Florida multifamily housing?
At RPH Multifamily Group we strictly specialize in Florida multifamily sales, so that you can make the most successful, informed, and stress-free multifamily investment decisions. Learn more about the RPH Multifamily Group’s Florida Multifamily Sales Advisory And Brokerage Services.