WINTER HAVEN, FL, Jan. 17, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Sunrise Bay Apartments (top left photo) , a 90-unit apartment property located in Winter Haven, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $2,451,312.Michael P. Regan (top right photo), an associate vice president investments, Francesco P. Carriera (middle left photo), a senior associate and Nicholas Meoli (lower right photo), a multifamily investment specialist all based in the Tampa office, represented the seller, a private investor and the buyer, a limited liability company, both based out of Florida.
“This deal was unique in the fact that it was a structured short sale by the second mortgage holder.“ Additionally, this property had 18 units that participated in a restricted rent program which we were able to get released.
"Throughout our marketing period, we fielded ten offers before we were able to close within ten days of contract with the buyer” said Meoli.
"Throughout our marketing period, we fielded ten offers before we were able to close within ten days of contract with the buyer” said Meoli.
Sunrise Bay Apartments was built in 1991 and is located at 101 Parker Lane Northeast.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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