Sunday, February 1, 2015

Tampa, FL Multifamily Portfolio Brokered by Marcus & Millichap Sells for $8.15 Million

Country Square Villas, Tampa, FL
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 a two-property, 209-unit, 118,900-square-foot multifamily portfolio in Tampa, Fla.

The properties, Country Square Villas and Candlewood I Apartments, sold for $8.15 million, which equates to $38,995 per unit.

            Country Square Villas is a 146-unit multifamily community built in 1981 and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The multifamily commercial real estate assets are two miles apart.

Candlewood Apartments, Tampa, FL
            Frank Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, represented the seller and the buyer.

“Both properties have received significant capital improvements,” says Carriera. “The buyer was attracted to the strong returns Cardinal Properties tend to produce,” adds Regan.

            Located at 8401 Aiken Court on 4.46 acres, Country Square Villas consists of 21 one-story residential buildings featuring 22 studio apartments, 103 one-bedroom/one-bath units, 15 two-bedroom/one-bath apartments and six two-bedroom/two-bath units.

Frank Carriera
Amenities include washer/dryer connections in all one- and two-bedroom units, two on-site laundry facilities, private fenced-in patios and an on-site leasing office. All apartments have individual heating and air conditioning.

            Candlewood I Apartments is located at 5958 Oak River Drive and features eight one-story residential buildings with 11 studio apartments, 45 one-bedroom/one-bath units and seven two-bedroom/one-bath apartments.

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

Gina Relva
Public Relations Manager                                              
(925) 953-1716

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