Tuesday, October 25, 2016

Marcus & Millichap Arranges $5 Million Sale of The Place at Davis Island Apartments in Tampa, FL

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 The Place at Davis Island, a 40-unit apartment community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The leasehold interest sold for $5,000,000.

Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office, and Tyler Leeson, first vice president investments in the firm’s Newport Beach office, acted in a transaction broker capacity and put the deal together on an off-market basis.

 The buyer, a California-based private investor, was secured and represented by Babb and Leeson. The seller, a Tampa-based partnership, was represented internally.

The Place at Davis Island is a 40-unit vintage, garden-style community located on beautiful Davis Island at 401 Danube Avenue in Tampa, Florida. The property consists of 40 one-bedroom/one-bathroom units with 700 rentable square feet of which 25 percent have been rehabbed with modern kitchens, new flooring, fixtures and stacked washer/dryers.

Tyler Leeson

“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970’s and through internal collaboration we were able to connect a California 1031 exchange buyer with a great opportunity in Tampa,” says Babb.

 “The seller owned the leasehold interest for nearly 20 years and plans to trade into a larger asset. The buyer was in a 1031 exchange and plans to rehab the remaining units and increase the rents to market.”

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700

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