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.