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| Liv @ Boca Ciega Apartments, 1824 Shore Drive South South Pasadena, FL |
SOUTH PASADENA, 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 Liv @ Boca Ciega, a
50-unit apartment property located in South Pasadena, Fla., according to Richard
D. Matricaria, regional manager of the firm’s Tampa office.
The $6.0
million sales price equates to $120,000 per unit.
Casey Babb, a CCIM and vice president investments,
and Luis Baez, a senior associate, in Marcus & Millichap’s Tampa
office, represented both parties in the transaction.
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| Casey Babb |
Liv @ Boca Ciega is located at 1824 Shore Drive South
in South Pasadena, Fla. This is a Class
“B” waterfront apartment community built in 1972 but extensively rehabbed
between 2013 and 2014.
The property was
originally designed by famed local architect, William B. Harvard Sr. and has
been completely repositioned within the past year with approximately $900,000
in renovations to modernize and improve the overall aesthetic of the
community.
The property consists of six, two and three-story buildings
on approximately 1.64 acres of land which backs up to Boca Ciega Bay and
provides 12 units with panoramic water views.
“Given that this is
a waterfront property with concrete block construction, the sale price was
actually below replacement cost, in our opinion,” said Babb.
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| Luis Baez |
“In addition, the property recently received a major capital
infusion to modernize the unit interiors, property exteriors and common area
amenities which in turn, has caused rents to trend on a nice upward
trajectory,” adds Babb.
“The buyer, to
their credit, recognized the opportunity and should do very well given that
they are a long-term holder.”
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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