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| Eusonian Apartments, 610 West Horatio Street, Tampa, FL |
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| Cameron Barbas |
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 The Eusonian Apartments, 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 $1,200,000.
Cameron Barbas, associate, Michael P. Regan
and Francesco P. Carriera, vice presidents investments in Marcus &
Millichap’s Tampa office, represented both parties in the transaction.
The Eusonian Apartments were built in 1974 and are located
at 610 West Horatio Street in Tampa, Florida.
The property is situated on approximately 0.24 acres of land and
consists of five studios with 336 rentable square feet and nine,
one-bedroom/one-bathroom units with a range of 336 to 547 rentable square
feet.
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| Michael P. Regan |
Since 2011, approximately $209,000 of capital improvements
have been made to the property.
“This property closed at full list price within 69 days of
the initial day of marketing for this Hyde Park asset, and we received multiple
offers from both local and out-of-area investors,” says Barbas.
“The Eusonian Apartments sold at $234 per square foot, due
to the pristine interior and exterior upgrades the seller had made to the
property. These upgrades allowed current rents to reach nearly $2.50 per square
foot for the studio and one-bedroom units.”
“This sale represents the highest price per square foot
transaction for a small apartment in the Hyde Park sub-market since the
downturn,” concludes Barbas.
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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