TAMPA, FL, August 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Casa del Sol, (top left photo) a 20 unit, garden apartment property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $450,000 or $22,500/unit.
Casey Babb, (lower right photo) CCIM, a Senior Investment Specialist, and Luis Baez, an Investment Specialist in Marcus & Millichap’s Tampa office, facilitated the transaction on behalf of both the Seller, a regional bank, and the Buyer, a local private investor.
Casa del Sol is a 1970’s vintage, garden apartment community located at 6001 South Dale Mabry Highway in a desirable South Tampa submarket.
The property consists of all 2 bedroom / 1 bath units which are housed in a single, 2-story block building.
At the time of sale, the property had been foreclosed, had significant deferred maintenance and had an extremely high economic vacancy rate.Babb commented, “The Casa del Sol transaction is an example of an emerging trend in which the Buyer had formerly owned the property so he was willing to act quickly.
" In this case, the investor had sold the property in 2005 near the height of the market and was able to repurchase the property at 37.5% of the previous sales price. Because of his familiarity with the real estate, he was able to conduct a very short due diligence and closed in 30 days.”
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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