Reese Stigliano, Senior Vice President of Brenner Real Estate Group, has been selected as the exclusive agent for the sale of Villas de Mallorca, a 252 unit multifamily apartment project located in Miramar, Florida.
Stigliano will be joint marketing the property with the Tax Credit Group of Marcus & Millichap, a national real estate brokerage company.
The property, built in 2002, is a Section 42 Low Income Housing Tax Credit (LIHTC) project. The LIHTC program is an indirect Federal subsidy used to finance the development of affordable rental housing for low-income households. The property consists of 252, two and three bedroom apartments in sixteen (16) three story “Garden Style” buildings situated on 14 acres of land. Current occupancy is 100%.
When asked about the joint marketing arrangement with Marcus & Millichap, Stigliano said, “The tax credit affordable housing market is a highly specialized type of real estate investment. There are federal and state compliance issues regarding tenant income restrictions and rental rates caps that are unique to this type of development. The buyer of tax-credit, affordable housing projects are highly sophisticated and tend to focus specifically on this type of product. While I bring 30 years experience in South Florida real estate to the table, the Tax Credit Group of Marcus & Millichap, which is located in Seattle, Washington, have their finger on the pulse of the limited scope buyer of these LIHTC projects.”
Reese went on to say,”This is a very unique arrangement for me. It is the first time I co-listed a property with a national brokerage company. By nature, real estate is local. Extensive market knowledge and personal relationships is how I’ve been able to succeed in this business for three decades. I’ve known the owner of this property for over 15 years. And although, I felt comfortable marketing the property, I thought it was in the best interest of my client to expose the property to the broadest range of buyers possible in order to achieve the highest sale price.”
According to Elliot Stone, president of The Royal Castle Companies, the developer and owner of the property, “I end up with the best of both worlds, a loyal and trusted advisor who has extensive knowledge of the local market with Reese Stigliano and the exposure I need for this specific project from a national broker. ” “Now all they have to do is sell it!” said Mr. Stone.
The asking price is $25 million.