Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Duplexes on 59th, an 18-unit apartment property located in Bradenton, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $2,100,000.
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.
“The Duplexes on 59th provided a substantial value-add opportunity, as the upside had already been proven on a handful of units. That said, the major challenge that this assignment posed was the lack of readily available, favorable debt, as the sellers had less than a year of ownership and no trailing financials from the previous owner to provide. However, by utilizing our national platform, we were able to generate multiple offers and ultimately close with a Utah-based group that was able to offer a non-refundable deposit day-one and close without a financing contingency, as they understood the future upside with the opportunity,” said Podbelski.
The Duplexes on 59th is located at 1103-1118 59th Avenue Circle East, 5924 12th Street East & 5922 12th Street East in Bradenton, Florida. The property is comprised of nine contiguous buildings with 100 percent three-bedroom two-bathroom units on an entire cul-de-sac. The Duplexes on 59th has concrete block construction and had extensive renovations in 2020 including new roofs, exterior paint and six fully upgraded units.