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| Evan P. Kristol |
TAMPA, FL,
June 2, 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 North
Chase Villas, a 72-unit apartment property located at 1505 East 130th
Avenue in Tampa, Fla in Tampa, Fla.
The asset sold for $2,975,000.
Evan P. Kristol, a senior vice president investments
in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, a vice president investments, and Nicholas Meoli, an associate vice
president investments in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a limited
liability company from Lafayette, LA.
The buyer, a partnership from Tampa, Fla, was
secured and represented by Robert S.
Hunter and Harrison Rein,
associates in Marcus & Millichap’s Fort Lauderdale office.
“North Chase
Villas was an opportunity to acquire a rental community that was predominantly
built in 2007, a rare find in the University submarket of Tampa given that the
majority of communities under 100 units were built prior to 1990,” says
Donaldson.
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| Michael Donaldson |
“As a result
of the favorable construction and majority two or three bedroom units averaging
over 1,100 square feet, North Chase possesses an excellent competitive
advantage over the surrounding communities, as evidenced by its consistent high
occupancy level,” adds Meoli.
“These
attributes attracted our ultimate buyer to the offering, a Canadian based
investment group with a local presence in the Tampa market,” adds Kristol.
North Chase
Villas is a 72-unit garden-style apartment community located within the
University submarket of Tampa. Built in two phases, the property is situated on
a 3.5-acre site, and includes two three-story concrete block buildings built in
1974 and four three-story concrete block buildings built in 2007.
The unit mix consists of 12
one-bedroom/one-bathroom units, 12 two-bedroom/one and one-half bathroom
two-story townhome units and 48 three-bedroom/two-bathroom units.
For a complete copy of the company’s
news release, please contact:
Ryan Nee
Regional
Manager
Fort Lauderdale, FL
(954)
245-3400
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