Wednesday, August 17, 2016

Marcus & Millichap Brokers Sale of 28-Unit Eden Court Apartments in Tampa, FL

Joshua Teplitzky
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 Eden Court Apartments, a 28-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,765,000.

Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, secured both the buyer and seller in this transaction.

Eden Court Apartments is a 28-unit multifamily community located at 3712 West Cass Street in Tampa, Florida. The property consists of two, two-story buildings and the buildings are comprised of 28 one-bedroom/one-bathroom units with 700 rentable square feet. The property sits on approximately .58 acres and all units have individual air conditioning.

The interior of the units were upgraded with laminate hardwood flooring, vinyl tile in the kitchens and bathrooms in select units, ceramic tile in the kitchens and bathrooms in select units and new windows in select units.

“This property was sold to a local Tampa investor who saw significant value in the location within the Westshore Business District,” says Teplitzky. “One day after closing the buyer was able to raise the rents over $150 from the property’s previous asking rates. The buyer plans to enhance the property’s curb appeal and improve the asset through a substantial renovation plan.”

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
First Vice President / Regional Manager, Tampa

(813) 387-4700

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