Wednesday, May 6, 2015

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Tampa, FL

The Grant apartments
1914 West Dekle Avenue, Tampa, FL
TAMPA, FL, May 6, 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 The Grant, a 12-unit apartment property located in Tampa, FL, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. 

The asset sold for $1,050,000.

Casey Babb, CCIM and Ari Ravi, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

The buyer, a private investor, was secured and represented by Casey Babb, CCIM and Ari Ravi.

Casey Babb
The Grant is located at 1914 West Dekle Avenue in Tampa, FL.  Originally built in the 1920’s, the property has been under the same ownership for 19 years.  It consists of four studios and eight, on-bedroom/one-bathroom apartments homes.  Units feature original wood floors and nine foot ceilings.
“The Grant was attractive to the buyer who was looking for a value-add asset located in a recession-proof submarket,” said Babb.  “

This property fit the criteria, being located in the Historic Hyde Park neighborhood, with the ability to dramatically increase cash flow through building and unit renovations. 

  Through an aggressive marketing plan we were able to show the property 13 times and generate 6 offers, ultimately closing with a 1031 exchange buyer at above 95% of the asking price”

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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