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| Country Square Villas, Tampa, FL |
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 a two-property, 209-unit,
118,900-square-foot multifamily portfolio in Tampa, Fla.
The properties, Country Square Villas and Candlewood
I Apartments, sold for $8.15 million, which equates to $38,995 per unit.
Country
Square Villas is a 146-unit multifamily community built in 1981 and Candlewood
I Apartments is a 63-unit apartment complex constructed in 1983. The
multifamily commercial real estate assets are two miles apart.
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| Candlewood Apartments, Tampa, FL |
Frank
Carriera and Michael Regan, vice presidents investments in Marcus
& Millichap’s Tampa office, represented the seller and the buyer.
“Both properties have received significant capital
improvements,” says Carriera. “The buyer was attracted to the strong returns
Cardinal Properties tend to produce,” adds Regan.
Located
at 8401 Aiken Court on 4.46 acres, Country Square Villas consists of 21
one-story residential buildings featuring 22 studio apartments, 103
one-bedroom/one-bath units, 15 two-bedroom/one-bath apartments and six
two-bedroom/two-bath units.
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| Frank Carriera |
Amenities include washer/dryer connections in all one- and
two-bedroom units, two on-site laundry facilities, private fenced-in patios and
an on-site leasing office. All apartments have individual heating and air
conditioning.
Candlewood I Apartments is located at 5958 Oak River Drive and features
eight one-story residential buildings with 11 studio apartments, 45
one-bedroom/one-bath units and seven two-bedroom/one-bath apartments.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
