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| Divine Condos, South Tampa, FL |
TAMPA, FLA., February 28, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Divine Condos, a slightly
fractured, 26 of 28-unit rental condominium community located in South Tampa,
Florida, according to Richard D. Matricaria, Regional Manager of the firm’s
Tampa office.
The asset commanded
a sales price of $1,475,000 which translates to $56,731 per unit and $101 per
square foot.
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| Casey Babb |
Casey Babb, a CCIM and senior multifamily specialist,
and Luis Baez, associate, both in Marcus & Millichap’s Tampa office,
had the exclusive listing to market the property on behalf of the local seller,
a private investor. A cooperating
broker secured the buyer of the property, also a private investor located in
Tampa, Florida.
Divine Condos is a charming “Class B+”, garden-style condominium,
built in 1983 and located at 6822 South Shamrock Drive in South Tampa. The community consists of 28 total units, of
which 26 condo rentals were offered for sale.
Units are 100 percent one-bedroom/one-bathroom housed in a single,
two-story, concrete block building with a brick façade and pitched shingle
roofs.
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Between 2006 and 2007, the community received a massive
renovation to the exteriors and unit interiors at a cost of nearly
$800,000. Nearly every element of the
building is less than five years of age and the property benefits today with a
consistently high occupancy level and top-of-the-market rents.
“This sale represented a 35 percent premium to the 2011 sale
price of $1.1 million which illustrates just how much the market has improved in
two years,” says Babb. “During that
time, rents have improved and interest rates have dropped, allowing investors
to pay premium prices and still achieve double-digit returns.”
For a complete copy of the company’s news release, please
contact:
Richard D.
Matricaria
Regional Manager, Tampa
(813) 387-4700
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