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| Casey Babb |
PINELLAS PARK, 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 Cedar Hollow Apartments,
a 42-unit apartment community located in Pinellas Park, Fla., according to Richard
D. Matricaria, regional manager of the firm’s Tampa office.
The $2,040,000 sales price equates to $48,571 per unit.
Casey Babb,
CCIM and vice president investments in Marcus & Millichap’s Tampa office
secured and represented the buyer, a limited liability company based in Tel
Aviv, Israel.
Cedar Hollow Apartments was built in the mid-1980s and
consists of an attractive mix of one and two-bedroom apartments on 2.54 acres.
The property was 88 percent occupied at the time of sale and closed at a
proforma 9.26 percent cap rate.
“Cedar Hollow was purchased all-cash after a short
contingency period and closed in under 30 days to an international investor who
is making his first investment in our market,” says Babb.
“International investors continue to seek the stability that
comes with U.S. Real Estate, and in the case of Cedar Hollow, the asset should
produce double-digit returns and predictable cash-flows with long-term asset
appreciation,” concludes Babb.
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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