VENICE, Fla., Dec.16, 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 The Rialto Venice, a 37-unit apartment property located in Venice, Florida. The asset sold for $5,750,000.
Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, of the RPH Multifamily Group 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 also secured and represented by the RPH Multifamily Group.
“This transaction provided an excellent example of the state of the apartment market in Southwest Florida right now. The purchaser was not only able to assume the in-place debt, but underwrite on a tighter basis, given the scale that their portfolio has in the area. That said, the substantial demand for value-add opportunities in this market has continued to follow the investor trend to own [property] here. Ultimately, we closed the transaction at 100% of the contract price and approximately 96% of the target price,” said Podbelski.
The Rialto Venice is located at 1 Plaza Mayor in Venice, Florida, just south of Sarasota. The two-story multifamily building features updated two-bedroom/one-bathroom units, garden-style balconies, and an on-site laundry facility. The property is ideally situated within minutes of Venice Municipal Beach, Nokomis Beach, South Brohard Beach, and Caspersen Beach.
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