Wednesday, August 27, 2014

Marcus & Millichap Arranges Sale of Urban Heights in Tampa, FL for $595,000


Casey Babb
TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Urban Heights, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $595,000.

Ari Ravi, associate, Casey Babb, a CCIM and vice president investments and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.

Urban Heights is located at 5113 North Nebraska Avenue in Tampa, Florida. 

This 1980s built property consists of 12 one-bedroom/one-bathroom apartments and two studio apartments, housed in a single, two-story concrete block/wood frame building with pitched shingle roofs and interior corridor entries. 

Ari Ravi
Units feature semi-private, interior corridor entries, central HVAC, floor tile coverings, fully appointed kitchens, double basin sinks and dishwashers in select units and fully appointed baths.

“Urban Heights was a value-add opportunity in the emerging Seminole Heights submarket and garnered significant investor activity,” says Ravi.  “We generated four offers in the first week and the property went under contract within ten days, resulting in a quick, hassle-free closing.”

“This transaction further solidifies Seminole Heights as a market of interest for small apartment investors,” add Ravi.



For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL

(813) 387-4700

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