Marcus & Millichap Facilitates $4 Million Sale of Historical Venice Florida Rosehill Apartments

Rosehill Apartments
Constructed in 1925, the apartments are located at 512 Armada Road S., just minutes from downtown Venice. The property consists of 21 residential units, including studios, one-bedroom, and two-bedroom floor plans. Nearby national retailers include Target, Walgreens, and Publix. Additionally, the property is situated 9.1 miles away from the State College of Florida, Manatee-Sarasota campus.

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Rosehill Apartments in Venice, Florida. The property was sold for $4,070,000, or $193,810 per residential unit.

“The sale of Rosehill Apartments marks a record-breaking price per unit for multifamily assets built in the 1920’s throughout Southwest Florida, signaling continued investor interest from domestic and international capital in one of the nation’s fastest-growing regions in recent years,” says Alec Neu, with SP multifamily group of Marcus & Millichap.
Neu, Matthew Prozzillo, and Benjamin Skinner, multifamily investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both private investors.

“Ultimately, the buyer of Rosehill, a long-time investor in the area, saw the opportunity to further expand their local portfolio, while recognizing that their strategic business plan had the potential to provide a unique and historic living option to renters in the area through operational and physical improvements,” adds Neu.