Tuesday, July 28, 2015

Marcus & Millichap Brokers Sale of Sitios Place Apartments in Tampa, FL

Casey Babb
TAMPA, FL, July 28, 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 Sitios Place, a 4-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $500,000.

Casey Babb, CCIM and vice president investments, and Ari Ravi, associate, both of Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Casey Babb and Ari Ravi.

“Apartment properties in and around the urban core continue to experience high demand both from tenants and investors alike. That is especially the case in the South Tampa market, which is one of the strongest rental submarkets in the region. The subject traded within four percent of the asking price at a sub six percent cap and nearly ten times the gross rent,” said 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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