Marcus & Millichap’s RPH Multifamily Group closes LIHTC multifamily asset in Immokalee Florida

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Oak Haven Apartments
Marcus & Millichap announced the sale of Oak Haven Apartments, a 160-unit, Section 42 LIHTC apartment property located in Immokalee, Florida.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Oak Haven Apartments, a 160-unit, Section 42 LIHTC apartment property located in Immokalee, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $11,500,000.

Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson, 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 Adam Podbelski, Ned Roberts, Jason Hague and Sam Ferguson.

“We knew going into the assignment that Oak Haven wouldn’t appeal to a majority of the buyer pool currently looking for value-add plays in Florida, given the tertiary submarket and affordable component of the asset,” said Podbelski. “That said, by utilizing our national platform we were not only able to source 13 offers, but ultimately close with a NYC-based group that understood the major upside potential that could be achieved by bringing the rents to their max allowable figures and eliminating the already in-place loss-to-lease.”

Oak Haven Apartments is located at 580 Oakhaven Cir in Immokalee, Florida. The community was built in 1993 of concrete block and contains all two- and three-bedroom floorplans. At the time of sale, approximately three years remained on the Extended Low-Income Housing Agreement (ELIHA).