 |
| Casey Babb |
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 Hyde Park Apartment Portfolio, a
36-unit apartment portfolio located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$4,125,000.
Cameron Barbas,
associate, Michael P. Regan, vice
president investments, Francesco P.
Carriera, vice president investments, Casey
Babb, CCIM and vice president investments, and Ari Ravi, associate, all 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 Babb, Barbas, Carriera, Regan and
Ravi.
Hyde Park Apartment
Portfolio consists of three assets located within the class “A+” Hyde Park and
South Tampa submarkets.
The Rome and Dekle properties are 1920s vintage
communities located within a few blocks of each other within the Historic Hyde
Park submarket at 916 South Rome Avenue and 2001 West Dekle Avenue. The
property located on De Leon is a 1960s vintage community just west of Memorial
Hospital at 3318 West De Leon Street in the Palma Ceia Gardens neighborhood.
 |
| Ari Ravi |
The portfolio is made up of one studio, 30 one-bedroom/one-bathroom and five
two-bedroom/two-bathroom units ranging from 375 rentable square feet up to
1,025 rentable square feet.
This portfolio was
previously unsuccessfully listed by a local firm for six months and expired
prior to the seller deciding to exclusively list the property with Marcus &
Millichap. Once the property was exclusively listed with us, we were able to
utilize our national marketing platform to drive interest and multiple offers
from local, national and international buyers.
This ensured the highest value
for the seller on a portfolio that was comprised of approximately 83 percent
one-bedroom floor plans. The buyer pool continues to understand the
appreciation of property values in Hyde Park, as well as the future growth in
rent.
At the time of sale, the
asset was operating at below market rents for its non-renovated units. The new
buyer saw value in placing additional capital into upgrading the interior of
the units and exterior of the buildings to increase rents anywhere from
$100-$200 per respective floor plans.
The downtown development, job growth
throughout the Tampa markets and continued push to improve roadways and
infrastructure has continued to bring sophisticated national and international
buyers into the Tampa marketplace.
For a complete copy of the company’s news release,
please contact:
Richard D.
Matricaria
Vice
President/Regional ManagerTampa, FL
No comments:
Post a Comment