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.
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