Saturday, June 4, 2016

The Eight-Unit Dos Santos Apartment Portfolio in Tampa, FL Sold for $950,000 in Deal Handled by Marcus & Millichap

Shawn Rupp
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 The Dos Santos Portfolio, an eight-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $950,000.

Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and 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 limited liability company, was also secured and represented by the three brokers.

“The seller of the Dos Santos Portfolio had unsuccessfully put the property under contract with several buyers through several other agents prior to our team taking the assignment,” says Rupp. 

“Not only was our team able to successfully close in 30 days, but we were also able to achieve a price of $20,000 more per unit than the seller’s previous contract.”

Luis  Baez
“This property has almost unlimited upside potential for the buyer, who plans to completely renovated both the interior and exterior of the portfolio,” Rupp continues.

The Dos Santos Portfolio is a two-property portfolio located at 3104 West San Juan Street and 3402 West San Pedro in the Palma Ceia submarket of South Tampa, just south of Bay to Bay Boulevard and just west of Bayshore Boulevard. 

The portfolio consists of two, one-bedroom/one-bathroom apartments, two, one-bedroom/one-bathroom apartments with a den and four, two-bedroom/one-bathroom apartments. The apartments range in size from approximately 648 to 790 rentable square feet.

The average household income within a one-mile radius of the Dos Santos Portfolio is $112,687, which is more than double the national average. Palma Ceia is arguably one of the strongest rental submarkets in the entire Tampa Bay region. 

It is a haven for young professionals and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District, as well as shopping, dining and entertainment.

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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