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| Cameron Barbas |
TAMPA, FL, Feb. 29, 2016 –
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 Bay Vista
Apartments, an eight-unit apartment property located in Tampa, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $1,300,000.
Cameron Barbas,
associate, Francesco P. Carriera,
first vice president investments, and Michael
P. Regan, first 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. They also
represented the buyer, a fund manager.
Bay Vista Apartments is
exceptionally located at 2918 West Bay Vista Avenue in the Bayshore Beautiful
submarket of South Tampa, and just one-half block from Bayshore Boulevard.
The
eight-unit multifamily property consists of two, two-story buildings, which are
comprised of six, one-bedroom/one-bathroom units with 900 rentable square feet
and two, two-bedroom/one-bathroom units with 900 rentable square feet.
Amenities include an
on-site laundry facility and off-street parking, and the property sits on 0.24
acres.
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| Francesco P. Carriera |
“The upgraded units at Bay
Vista Apartments were renting at higher rates than any other 1920s vintage
asset that close to Gandy Boulevard. The high rental rates are continuing to
expand south from Tampa’s Urban Core,” says Barbas.
“Bay Vista Apartments was
on the market for a total of 16 business days before going to contract, and we
generated more than 10 showings and six offers within that period,” Barbas
said. “The listing was cultivated over a long relationship before the seller
was interested in selling.
“Relationships like these
allow us to help sellers increase value at the time of sale. We are also able
to help owners increase cash flow during their holding period and provide them
with market information that allows them to make the most informed decision
possible.”
“Frank, Mike and I have
now listed and/or closed nearly 650 units in South Tampa, and that number
continues to grow. We are seeing local, national and international buyers
submitting offers on these assets.
“The mayor and city have
done a phenomenal job positioning the city for growth, and it’s reflected by
the residents that are continuing to move to South Tampa and the investors that
are upgrading these buildings for them,” concludes Barbas.
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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