Marcus & Millichap arranges the sale of a 50-unit apartment building

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Costa De Cocoa, a 50-unit apartment property located in Cocoa, Fla., according to Ryan Nee, regional manager of the firm’s Tampa office. The asset sold for $3,275,000.

Jason Hague, Adam Podbelski and Ned Roberts, CCIM, investment specialists 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 Jason Hague, Adam Podbelski and Ned Roberts, CCIM.

“This was a great opportunity for a buyer looking for a value-add play with some hair on it in a growing submarket. We ended up generating a significant amount of activity during the marketing cycle and ultimately decided to move forward with a first-time buyer in the Florida market, Knickerbocker Asset Management. Although Knickerbocker were first time buyers locally, they are experienced operators with decades worth of track record in New York. The buyer group was incredibly professional, and their experience showed throughout closing process,” said Jason Hague.

Costa De Cocoa is located at 1010 North Fiske Blvd in Cocoa, Fla. The community is located in Florida’s Space Coast, Home of SpaceX’s Newest Rocket Project.

Costa De Cocoa offers an attractive unit mix consisting of a majority of two-bedroom and three-bedroom units. Thirty-nine of the fifty units are townhome style and have large floors plans averaging more than 870 square feet. Eighty-eight percent of unit interiors have received moderate upgrades including new kitchen cabinetry, tile or vinyl plank flooring and new counter tops.

About Marcus & Millichap

With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.

Article from Multi Housing Pro Magazine