LEESBURG, Fla., February 28, 2019 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Sunwood Village Apartments I & II, a 78-unit apartment property located in Leesburg, FL, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,000,000.
Adam Podbelski, Ned Roberts, CCIM 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 partnership. The buyer, a limited liability company, was secured and represented by Adam Podbelski, Ned Roberts, CCIM and Jason Hague.
“Due to the strong value add component of this deal we received substantial interest from the market on Sunwood, ultimately bringing eight offers to the seller in less than a month, three of which were at or above list price. Because of the high level of competition we generated, we were able to strike a deal well over list price with an out of area buyer who closed all cash.”
Sunwood Village Apartments I & II is an attractive, 1980’s built, value-add community that is currently experiencing an 4.5% annual rent growth. The property has a desirable unit mix of 74% two-bedroom units, 43% of which are two-story townhomes. Renovations have been completed in 62% of the units and include new kitchen appliances, new plumbing and light fixtures, and upgraded kitchen cabinets and countertops.
Leesburg is part of Lake County, which is included in the Orlando-Kissimmee-Sanford MSA. The city is situated between Lake Harris and Lake Griffin and several major highways pass through the city including U.S. Highway 27, U.S. Highway 41 and State Road 44. Sunwood Village Apartments I & II is located 20 minutes from The Village and one hour from Orlando, two of the fastest growing markets in the Country. Sunwood Village Apartments I & II is located at 39 Herald Drive in Leesburg, Fla.
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