TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tampa Heights Apartments, an 83-unit apartment property located in Tampa, Florida, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $3,000,000.Michael P. Regan, (top right photo) a Senior Associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“In a rental market that has declining rents and rising concessions; the stability that a Project-Based Section 8 asset offers is unmatched. Investor demand for this property was high. Within four weeks of marketing the property, we had twelve offers from qualified investors,” says Regan. The buyer, a limited liability company, was secured and represented by Francesco P. Carriera, (middle left photo) an Investment Specialist in the firm’s Tampa office. “This is the buyer’s second acquisition in the Tampa Bay area, states Carriera. “He will be doing some major exterior renovations in the near future and over the long term will renovate each unit individually, as-needed.”
“We were able to complete the loan approval of 80 percent and the HUD approvals within 30 and 90 days respectively” added Carriera.
Tampa Heights Apartments is located at 4817 Temple Heights.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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