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| Tampa Gardens Apartments, 1545 West Spruce Terrace, Tampa, FL |
TAMPA, FL, Jan. 12, 2015 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced the sale of Tampa
Gardens Apartments, a 135-unit apartment property located in Tampa, Fla,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
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| Casey Babb |
The $3,550,000 sales price equates to $26,296 per unit.
Casey Babb, CCIM and vice president investments, and Luis
Baez, senior associate in Marcus & Millichap’s Tampa office,
represented both parties in this transaction.
Tampa Gardens Apartments is located at 1545 West Spruce
Terrace in Tampa, Fla. This 1960s
vintage, Class “C”, apartment community is located on 4.42 acres within the
heart of the West River Redevelopment Area in West Tampa. Units are a mix of one-, two and
three-bedroom floor plans averaging 820 square feet and housed in 12, two-story
block constructed buildings with built-up flat roofs.
The West River Redevelopment Area encompasses 150-acres
north of I-275 and west of the Hillsborough River near downtown Tampa, and will
soon be redeveloped into a vibrant mixed-use neighborhood with upwards of 1,600
mixed-income, intergenerational rental and for-sale housing units.
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| Luis Baez |
It will also include a series of waterfront
parts, schools, enhanced pedestrian-friendly streetscapes and a
commercial/entertainment district along the western edge of the
riverfront.
“Given the massive redevelopment plan for the area, the
local buyer was attracted to Tampa Gardens as a future redevelopment play,”
says Baez.
“Beyond that however, they
also saw an opportunity to improve the asset both from a physical and a
management standpoint, to generate current cash-flow yields that are
significantly higher than what is generally being achieved in the broader
commercial real estate marketplace.
“Tampa as a whole is in a transformative growth stage right
now and the West River Plan, combined with The Heights project, Tampa Housing
Authority’s Encore project, and Jeff Vinik’s billion-dollar
redevelopment downtown, is truly astonishing to watch and will catapult the
City of Tampa to an altogether higher level,”
adds 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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