Marcus & Millichap Brokers Record-Setting Sale of a 20-Unit Waterfront Multifamily Portfolio For $4.575 million
DUNEDIN, FL, October 12, 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 Coconut Villas of Dunedin, a 20-unit apartment property located in Dunedin, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $4,575,000.
Coconut Villas of Dunedin is a mixed unit community comprised of five, two story buildings totaling 16,860 square-feet of rentable space across 0.9 acres of land. The property features two bedroom/one-bathroom floorplans with water views.
“We are proud to have once again set a price per unit record with this sale,” said Ned Roberts, first vice president investments. “At $228,750, it is the highest apartment price per unit paid in City of Dunedin history,” he added. “The individually parceled units presented a unique value-add opportunity for our buyer, who intends to eventually sell the units individually.”
Coconut Villas of Dunedin is situated off Dunedin Causeway and within walking distance of Honeymoon Island State Park.
Ned Roberts, Adam Podbelski, Jason Hague and Sebastian Harris, investment specialists 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 Roberts, Podbelski, Hague and Harris.
Coconut Villas of Dunedin is located at 2677 St Joseph Dr E and 2687 Woodette Drive in Dunedin, FL. Interior features a variety of upgrades, including granite countertops, wood cabinetry and sustainable-friendly tile flooring. The exterior amenities include a fishing dock, two swimming pools, outdoor lounging, fishing dock, four Tiki huts and grilling areas.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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. To learn more, please visit: www.MarcusMillichap.com.