Dealmaker: Marcus & Millichap Brokers $38M in Multifamily, Hotel Sales
Marcus & Millichap, Calabasas, Calif., brokered two Florida multifamily and hotel property sales totaling $37.6 million.
In Tampa, Marcus & Millichap Senior Managing Directors of Investments Frank Carriera and Michael Regan represented the seller when The Park at Aberdeen traded for $24.1 million. The sales price equated to more than $75,000 per unit for the 320-unit multifamily community.
“Built in 1972, The Park at Aberdeen is located within a submarket where multifamily assets from the 1970s achieve year-over-year rent growth of nearly 11 percent,” Carriera said. “This is especially significant in that at the time of the sale its rents were 15 to 20 percent below market.”
Carriera, Regan and Marcus & Millichap Senior Associate Moe Derbala also procured the asset’s buyer. IPA Capital Markets Senior Director Eric Fixler secured $19.7 million in 10-year fixed-rate financing with four years of interest-only payments for the buyer.
“The new owner plans to bring revenue levels up to that of the competition in the submarket by implementing a renovation program on a percentage of the apartments,” Regan said.
Marcus & Millichap also represented Highland Development Group Inc., Pensacola, Fla., when it sold the Days Inn Pensacola Beachfront, a 123-room hotel in Pensacola Beach. The $13.5 million sales price exceeded $109,000 per room.
“There are only nine hotels in Pensacola Beach,” said Marcus & Millichap Senior Associate David Altman. “Due to the high barriers to enter in this market and through a targeted marketing campaign, we were successful in fielding offers and entering into a sales contract within three weeks.” He noted that the new owner plans to renovate the property.
Altman, Senior Managing Director of Investments David Greenberg, First Vice President of Investments Robert Hunter and Associate Gabriel Shamay represented Highland Development Group and procured the Texas limited-liability company buyer.
Built in 1990, the property is located at 16 Via De Luna Drive in Pensacola Beach, a tourist community on a barrier island just south of Pensacola, the westernmost city in the Florida Panhandle.