ORLANDO, FL– Marcus & Millichap Real Estate Investment Services reports it has brokered the sale of Robinswood Apartments, a 33-unit garden-style community here.
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $713,000 or $21,606 per unit. Michael Donaldson, a senior associate and multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company and also represented the buyer, an unnamed foreign investor.
Robinswood Apartments is located at 800 North Hastings St. that was built in 1966 and 1969. The property consists of a two-story apartment building with 25 units and four duplexes. The development has a one, one-bedroom/one-bath unit, 24 two-bedroom/one-bath units and eight three-bedroom/two-bath duplexes. There is also an on-site office with a swimming pool and washer/dryer connections in the three-bedroom units.
“The Robinswood Apartments was a classic value add sale that was unique because it included a 25-unit building and four duplexes, which were separately parceled,” says Donaldson. “A seasoned foreign private investor purchased the property intending to stabilize the occupancy level and further capitalize on the desirable location just off West Colonial Drive and situated next to a recently renovated YMCA.”