Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of New America Condos, a 22-unit apartment property located in Port Richey, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.
Cameron S. Barbas, Francesco P. Carriera, Matthew W. Prozzillo and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Cameron S. Barbas, Francesco P. Carriera, Matthew W. Prozzillo and Michael P. Regan.
New American Condos is located in Port Richey in Florida’s Pasco County. The property consists of 16 two-story buildings which are comprised of 64 two-bedroom/one-and-one half-bathroom townhouse units each measuring 840 rentable square feet. The property was renovated with new plumbing in 2000, new roofs in 2007, new gutters and curbing in 2010, repaved parking lots in 2016 and new exterior paint in 2017. Amenities include washer/dryer connections, a basketball court and private patios in all units.
Just to the south of New American Condos is Ridge Road, a major east/west thoroughfare. Ridge Road is home to many national and local retailers and restaurants such as Publix Super Markets, Dunkin Donuts, CVS, Ruby Tuesday, Applebees’ and Sioux City Steakhouse. River Road also provides residents of New America Condos convenient access to U.S. 19 which has hundreds of national and local retailers and restaurants such as Starbucks, Chick-Fil-A, Hooters, Winghouse, Chipotle, Longhorn Steakhouse, Books-A-Million, Bed Bath and Beyond and Olive Garden. The Gulf View Square Mall is only 1.6 Miles from the New America Condos and has many big box retailers such as Best Buy, Dillards’ and Sears. Pasco-Hernando State College is located only 3.9 miles from new America Condos and employs more than 450 full-time faculty and staff members and serves over 15,000 students. Within 7.6 miles of New America Condos, 3,200 medical jobs exist between Regional Medical Center Bayonet Point and Trinity Medical Center. New America Condos is located at 8602 Pioneer Trial in Port Richey, Fla.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
