Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Xanadu Court, a 10-unit apartment property located in Gainesville, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $745,000.
Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Andrew Birr, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp.
“Through our relationships with multifamily owners and prospective buyers, we received multiple offers and went under contract with a strong buyer within two days of listing the property. The value-add deal featured townhome style units with rents that were considerably below market averages. The buyer and seller were able to close in 60 days,” said Birr.
Xanadu Court is located at 2421 NW 4th Terrace in Gainesville, Fla. The property is a ten-unit, 1990’s vintage, apartment community located just 2.4 miles northeast of the University of Florida.
Originally built in 1992, Xanadu Court has been well maintained under the current 12-year ownership. This ten-unit, two-story building with a pitched shingle roof sits on a quiet 0.89-acre site which features an off-street parking lot on the north side of the property. Mature landscaping lines the front entrance, while large trees provide shade for the parking area and the rear of the property. Units are a mix of nine 912 square feet two-bedroom, 1.5-bathroom apartments, and one 1400 square feet four-bedroom, two-bathroom apartment. The two-story townhome style units feature private screened in porches with enclosed laundry rooms, central A/C, ceramic tile floors downstairs and LVT upstairs.
Xanadu Court enjoys an excellent location within the City of Gainesville with access off 13th Street and direct proximity to Downtown and the University of Florida. Gainesville is rapidly developing in the residential and retail sectors. Gainesville’s multifamily is performing notably well with vacancies and annual rent growth near the best they’ve been in over a decade. The submarket has historically had a strong rental market with the median age and home ownership being well below the national average. The Gainesville region is home to the state’s greatest concentration of 18 to 44-year-olds, as well as the highest number of individuals with advanced degrees, making the metro Florida’s youngest and most educated area.
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.