Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Madison Parc, a 108-unit apartment property located in Fort Walton Beach, Fla., according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $16,850,000.
Jason Hague, Ned Roberts and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa office, along with Duane C. Anderson, investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. They generated seven offers in less than two weeks of marketing, four of which were at or above the target price. The buyer, a limited liability company, was secured and represented by Jason Hague, Duane C. Anderson, Ned Roberts and Adam Podbelski.
“This transaction epitomizes the incredibly powerful marketing tool we create for our clients through Marcus & Millichap’s national platform and our team’s local knowledge and expertise,” said Jason Hague “The seller received a handful of unsolicited offers when we first spoke to her, each in the $10-14 million range. We understood the huge demand for apartments in Fort Walton Beach and felt those offers were low compared to what we would be able to bring her through a full marketing campaign”, he added. “After being awarded the listing, we brought the property to market unpriced with a pricing expectation of roughly $16,250,000. After only two weeks of marketing we had created a bidding war between several strong and reputable buyers. We ultimately closed $600,000 higher than our expectation and $2,850,000 higher than the strongest unsolicited offer she had received,” said Jason Hague.
Madison Parc is located at 1861 Stella Ln in Fort Walton Beach, Fla. and was built in 1999. The asset is well-maintained and strategically located within walking distance of Fort Walton Beach’s retail corridor giving tenants quick and convenient access to restaurants, retail outlets, supermarkets, malls and schools.
“Despite being in the midst of a pandemic, we were able to generate multiple offers and ultimately close almost $3,000,000 higher than the best off-market offer indicating there is still a lot of capital chasing deals with huge upside and strong historical returns,” said Duane Anderson.