TAMPA, FL, July 7, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bay Villa Apartments (top left photo), a 24-unit apartment community located in Tampa, Fla., according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,450,000.
Casey Babb, CCIM (middle right photo), a senior investment specialist, and Luis Baez (lower left photo), investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Tampa, Fla. The listing agents also secured the buyer of the property, a partnership from Tampa, Fla.
Bay Villa Apartments is located at 1402 South Bay Villa Place. This is a newly renovated Class B+ historic apartment community located in a trophy, Hyde Park/SoHo Tampa location.
Originally built in the 1920s, the property consists of 24 elegant apartment homes, one-third of which have been upgraded to a condo standard with re-engineered floor plan layouts. Its amenity package includes: stackable washer/dryers in each building, barbecue grill stations and gated picnic areas.
“Bay Villa commanded significant investor interest and 12 written offers, which is a testament to the location, the strong recent performance and the future upside potential. “We are living in a rental world right now and properties like Bay Villa will continue to be in very high demand for investors. As brokers, our only problem is that we do not have enough of this type of inventory to sell” recounts Babb.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
No comments:
Post a Comment