Marcus & Millichap Arranges the Sale of a 32-Unit Apartment Building

Fort Myers, FL, June 24, 2017 --(PR.com)-- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Thomas Street Apartments, a 32-unit apartment property located in Fort Myers, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,225,000.

Casey Babb and Luis Baez, 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 private investor, was secured and represented by Adam Podbelski, Nicholas Meoli and Michael Donaldson, investment specialists in Marcus & Millichap’s Tampa office.

“Thomas Street offered a strong value-add opportunity for the buyer, who intends to reposition the asset through furthered strategic renovations. It was this upside that enabled us to close within approximately 99% of the list price," says Adam Podbelski.

Thomas Street Apartments is located at 2930 Thomas Street in Fort Myers, Florida.

About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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. To learn more, please visit: www.MarcusMillichap.com