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| 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 Terrace Square Apartments, a
25-unit apartment community located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$1,190,000.
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 private
investor.
The buyer, a private
investor, was secured and represented by Adam
Podbelski, associate, Michael
Donaldson, vice president investments, and Nicholas Meoli, vice president investments, all in firm’s Tampa
office.
Terrace Square Apartments
is a 25-unit, garden community located at 12211 North 59th Street in Tampa,
Florida between the University of South Florida and Temple Terrace.
 |
| Adam Podbelski |
The property consists of
10 single story buildings with 13 two-bedroom/one-bathroom units averaging 762
square feet, 11 two-bedroom/one-bathroom units averaging 687 square feet and
one, three-bedroom/one-bathroom unit with 1,200 square feet.
Units feature
semi-private entrances and patios with the majority featuring updated kitchens,
bathrooms and tile floor throughout.
“In collaboration with
another team within our office we were able to drive value to the seller by
delivering maximum pricing for the property achieving a sale at 99 percent of
the list price,” says Baez.
“Further, financing for the buyer was sourced
through our internal Marcus & Millichap Capital Corporation allowing us to
efficiently navigate all the moving parts to a successful closing.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President
Regional Manager
Tampa, FL
(813) 387-4700
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