Marcus & Millichap Facilitates Sale of 120-Unit FL Asset

By Laura Calugar

The Arbor Crest in Quincy, Fla.

Marcus & Millichap has arranged the sale of Arbor Crest, a 120-unit property in Quincy, Fla. The affordable housing property changed hands for $5.1 million. Regional Manager Ari Ravi, together with Investment Specialists Francesco Carriera and Michael Regan marketed the property on behalf of the seller.

According to Yardi Matrix data, Carlisle Development Group is the former owner of Arbor Crest. Investment Specialist Joshua Teplitzky from Marcus & Millichap’s Tampa office, secured and represented the buyer, a private investor. 

Located at 64 N. Cleveland St., the property provides easy access to Interstate 13 and is in close proximity to various shopping options. Built on almost 18 acres, the community comprises five, three-story buildings. The unit mix consists of 13 one-, 57 two- and 50 three-bedroom apartments, ranging in size from 650 to 1,090 square feet. Amenities include:

• a clubhouse
• fitness center
• business center
• playground
• swimming pool
• 161 parking spaces  

“This sale represents a Section 42 LIHTC apartment community which required high-level brokerage to overcome the many obstacles encountered throughout closing. Arbor Crest received a large amount of interest due to the post 2000’s vintage of the asset. Ultimately, the buyer sourced nationally from the west coast, found additional upside in the property since approximately 90 percent of the floor plans were two- and three-bedrooms and the majority of the units could be rented at 60 percent of the area’s median income,” said Teplitzky, in prepared remarks.

Image courtesy of Yardi Matrix

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