Saturday, July 16, 2016

Marcus & Millichap Handles $390,000 Sale of Seven-Unit Aguila Palms Apartments in Tampa, FL

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 Aguila Palms, a seven-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $390,000.

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 partnership.  The buyer, a limited liability company, was also secured and represented by the three brokers.

Aguila Palms is a two-story, garden-style apartment building located at 2501 North B Street in the West Tampa submarket and just two blocks from Kennedy Boulevard and Howard Avenue. Constructed in 1924, the property consists of four, one-bedroom/one-bathroom, two, two-bedroom/one-bathroom and one, three-bedroom/one-bathroom apartments averaging approximately 529, 640 and 720 square feet, respectively.

“Our brief marketing campaign created significant interest in the offering, which resulted in a full price offer, five-day due diligence and closing in under 30 days at 97.5 percent of the asking price,” says Rupp. “The buyer is planning to reposition the asset and bring rents to market, and the property is projected to restabilize at an in-place 9.5 percent cap rate.”

“For our team, Aguila Palms is the seventh South Tampa closing in four months, and our average list-to-close ratio for the submarket is 100.45 percent,” Rupp concluded.

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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