RPH Multifamily Group Brokers Sale of Class B Multifamily Complex for $5.1M
LEESBURG, Fla., Feb. 24, 2022 – 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 Bentley Villas, a two-story, 48-unit apartment property located in Leesburg, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The 41,074-square-foot property sold for $5,160,000.
Bentley Villas is located at 1175 Bentley Rd in Leesburg, Florida. Built in 1988, the 4.67-acre lot consists of 13 buildings featuring a mix of one-, two-, and three-bedroom units.
Jason Hague, Adam Podbelski, Duane C. Anderson, and Ned Roberts of the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Bentley Apartments, LLC. The buyer, RJC Bentley Villas, LLC, was procured by the RPH Multifamily Group.
“The Bentley Villas sale is further confirmation of the huge demand we are seeing from investors looking to purchase workforce housing throughout the state. The buyer not only paid a record-breaking price per unit for Leesburg, but they also had to assume the seller’s low leverage Freddie Mac loan,” said Hague, first vice president investments. “For investors familiar with this process, they understand these agency assumptions are a long and drawn-out process that can take months to complete. Ultimately the buyer was bullish on the immediate submarket and felt the rental upside and future property appreciation was worth the long wait.”
The property was recently remodeled to include granite countertops, new tile flooring, new appliances, additional washer/dryers in the onsite laundry room, and new light fixtures.
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