CRESTVIEW, FL, June 14, 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 Arbor Lake Townhomes, a 23-unit fractured townhome property located in Crestview, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,325,000.
Jason Hague, Grant Reaves, Ned Roberts, and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa and Mobile offices, 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, Grant Reaves, Ned Roberts, and Adam Podbelski.
Arbor Lake Townhomes is located at 710 Arbor Lake Drive in Crestview, FL and was constructed in 2009. “This was a property that had sat on market for the entirety of 2020 with little traction from the buyer pool. As 2020 came to a close we saw a massive resurgence of buyers to the Florida market and found the perfect buyer for this particular property who was making their first multifamily purchase in Florida. The uniqueness of this deal scared off many potential buyers throughout our marketing campaign. However, this particular investor understood the true growth potential in the Crestview market and overlooked some of the physical issues that came to light during due diligence in order to stake his claim in market that has been overlooked by many but is already starting to see great leaps forward in terms of growth and demand,” said Hague.
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