Friday, January 8, 2016

Marcus & Millichap Arranges $5.3 Million Sale of 53-Unit Casa Corsicana Apartments in Seminole, FL

Casey Babb
SEMINOLE, 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 Casa Corsicana Apartments, a 53-unit apartment community located in Seminole, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $5,300,000.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa-based private investor. 

The buyer, a private investor based in Newport Beach, California, was secured and represented by Tyler Leeson, vice president investments in the firm’s Newport Beach office. 

Casa Corsicana Apartments, a 53-unit, Class A, garden apartment community, is located at 12430 Rose Street in Seminole, Florida, which is just 1.8 miles from the beautiful Pinellas County beaches. The property consists of six, single-story buildings on a lushly-landscaped 3.61 acre site providing a low-density, park-like setting for residents. The units feature large, open floorplans averaging 925 square feet and are a mix of nine percent one-bedroom/one-bath, 76 percent two-bedroom/one-bath, 11 percent two-bedroom/two-bath and four percent three-bedroom/one-bath.

Luis Baez
“Casa Corsicana is a best-in-class apartment asset in its respective submarket after receiving a $1,500,000 rehab in 2014. As a result, it commanded what we think is record prices for small apartments in the Seminole submarket,” says Babb. “There is still a tremendous amount of runway left for rent growth and we expect the buyer will do very well with this property.”

“The buyer was in a 1031 exchange and was procured through a relationship between our Tampa and Newport Beach offices, which is a testament to our national platform and our ability to move capital throughout the country to service our clients’ real estate needs,” concluded 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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