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.
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