Marcus & Millichap Sells 30-Unit Apartment Building in Tampa, FL

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oakmont Apartments, (top left photo)  a 30-unit apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,800,000.

Francesco P. Carriera (middle right photo)  and Nicholas Meoli, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a bank/financial institution.

 Michael Harris, an associate with Marcus & Millichap's Special Assets Services division assisted Carriera and Meoli in the transaction. The buyer, a limited liability company, was also secured and represented by Carriera and Meoli.

“The property received a tremendous amount of interest due to its location in South Tampa, also because it was a failed condo conversion owned by former NFL quarterback Bernie Kosar (bottom left photo)  that had been foreclosed upon”, stated Carriera.

“We received over 100 interested parties and generated 29 offers in only five weeks. The bank offered seller financing for a qualified buyer and selected a current local market owner who took advantage of the seller financing in order to add this REO asset to his portfolio.”

“The bank presented the buyer with favorable terms on the loan because he was very well qualified. They also were attracted to this buyer because of his plan to invest money in exterior improvement, including Oakmont’s landscaping and its courtyard.

" However, the buyer’s initial 60-day plan is to lease up the property as it was only 50 percent occupied at the time of sale. The South Tampa rental market is still holding strong, averaging approximately 92 percent and the buyer had several leases signed prior to closing” added Carriera.

Oakmont Apartments is located at 3215 West Swann Avenue.

Press Contact:  Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700