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Marcus & Millichap Announced the Sale of 40-Unit Apartment Community in Melbourne

April 25, 2022

Melbourne, Fla., April 25, 2022 – 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 Magnolia Apartments, a 40-unit, 20,256-square-foot multifamily community in Melbourne, Florida. The property sold for $3,898,000, just under $100K per door.

“It was a unique property, considering that half of the units did not have kitchens at the time of sale,” said Duane Anderson, senior associate in Marcus & Millichap’s Tampa office. “However, an out-of-state buyer who was new to this market really saw an opportunity for an upside and value here.”

Anderson, Ned Roberts, CCIM, Adam Podbelski, and Jason Hague of the RPH Multifamily Group had the exclusive listing to market on behalf of the seller, Magnolia 108 LLC. The buyer, Empire Magnolia Florida, LLC, was also procured by Anderson, Roberts, Podbelski, and Hague.

Constructed in 1964, the two-story property consists of 20 studios and 20 one-bedroom apartments, half of which are fully renovated to include vinyl plank flooring, new appliances, and impact windows.

Magnolia Apartments is located at 108 West Fee Avenue, in the center of Melbourne. The apartment community is less than two miles from Melbourne Square Mall, Holmes Regional Medical Center, Florida Institute of Technology, multiple neighborhood retail centers, Melbourne Orlando International Airport, and Downtown Melbourne.

 

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

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