Saturday, December 26, 2015

Marcus & Millichap Arranges $410,000 Sale of 14-Unit Hubert Apartments in Tampa, FL

Cameron Barbas
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 Hubert Apartments, a 14-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $410,000.

Cameron Barbas, associate, Joshua Teplitzky, associate, Michael P. Regan, first vice president investments, and Francesco P. Carriera, vice president investments, 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 the four Marcus & Millichap brokers.

“We generated three offers in the first three weeks of marketing these 1940’s wood frame buildings,” says Barbas. “The asset drew interest from many developers, but ultimately sold to a multifamily investor.”

Hubert Apartments is a 14-unit multifamily community located at 4611 North Hubert Avenue in Tampa, Florida. Centrally located in Tampa, Hubert Apartments is only 0.7 miles from U.S. Highway 92, also known as Dale Mabry Highway, a major north/south thoroughfare through Tampa.

Joshua Teplitzky
The property consists of four, one-story buildings and one single family residence. The residential buildings are comprised of three efficiencies with approximately 475 rentable square feet, ten two-bedroom/one-bathroom units with approximately 575 rentable square feet and a four-bedroom/two-bathroom single family residence with 1,280 rentable square feet.

“The property is located within the Drew Park submarket, an industrial area within the Westshore Business District. It is a location where buyers can find a higher yield than most submarkets in the Tampa Bay MSA due to the abundance of blue collar industrial jobs surrounding the multifamily properties in the immediate area,” adds Teplitzky.

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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