Marcus & Millichap arranges the sale of a 29-unit apartment building

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Oak Gate
Marcus & Millichap announced the sale of Oak Gate, located in Gainesville, Fla., according to Chris Travis, regional manager. The asset sold for $4,450,000.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Oak Gate, a 29-unit apartment property located in Gainesville, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $4,450,000.

Duane C. Anderson, Adam Podbelski, Ned Roberts, CCIM and Jason Hague, 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 limited liability company, was secured and represented by Duane C. Anderson, Adam Podbelski, Ned Roberts, CCIM and Jason Hague.

“The buyer was attracted to the upside opportunity in this asset including the ability to build additional units in a growing market. The buyer was engaged throughout the process and was able to close despite what was going on in the economy due to COVID-19. This indicates that buyers are still interested in great opportunities,” said Anderson.

“Due to the uncertainty in the market there were several hurdles that had to be overcome during the last 45 days of the closing process. However, with the combination of Duane and our team’s experience coupled with the patience of the seller and determination of the buyer to see this process through, we were able to overcome these issues and close at the contract price agreed upon prior to the start of the COVID-19 pandemic,” added Hague.

Oak Gate is located at 669 NW 29th Avenue in Gainesville, Fla. The Sale Includes 5.83 Acres of Shovel Ready Land with the Ability to Develop an Additional 62 Multifamily Units.

The City of Gainesville is Ranked #38 in 2018 as Top 100 Places to Live in the Country by Livability. Oak Gate Condominiums is 2.5-miles away from The University of Florida, the #7 Public University in the US According to the US News and World Report and has more than 50,000 students–making it the Nation’s 5th Largest University by Enrollment.