Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Oviedo Oaks Villas, a 44-unit multifamily property in Oviedo, Florida.
“Oviedo Oaks Villas represented a truly rare opportunity, having not been available to the market in over three decades,” said Matt Prozzillo, senior director investments. “Situated in one of Oviedo’s most desirable corridors, minutes from the expanding downtown district, it stands in a submarket with a limited supply of rental housing and a median household income 23% above the national average. Coupled with strong population growth and development momentum, the property quickly drew the attention of both private investors and institutional groups.”
Prozzillo, along with Marcus & Millichap’s Benjamin Skinner, Ray Turchi and David Vaughan, exclusively marketed the property on behalf of the seller and procured the buyer, a New
York-based family office.
“The competitive marketing process, which lasted only one week, speaks volumes about the demand for assets in this area,” added Skinner, senior director investments. “By
executing a diligent, wide-reaching marketing strategy, we created strong investor interest that delivered results for our client.”
The property was built in 1985 and is located at 1080–1126 Laurel Oaks Court, on 7.98 acres with 22 one-story buildings. All units are three-bedroom, two-bath, averaging 1,066 square feet, and include private garages, backyards and washer/dryer connections.
Oviedo Oaks Villas is near Oviedo on the Park, a $200 million mixed-use development, and the planned 28-acre Water Tower District revitalization project. The property is also close
to the University of Central Florida, Oviedo Medical Center and retail along the Mitchell Hammock corridor, with access to downtown Orlando and Orlando Sanford International Airport.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
