$610,000 Buys 60 Unit Garden Apartment Community in Tampa, FL

   

TAMPA, FL July 29, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Regency Manor Apartments (top left photo), a 60-unit garden apartment community located in Tampa, Fla., according to Bryn D. Merrey, vice president/regional manager of the firm’s Tampa office.

 The asset sales price of $610,000 equates to $10,167 per unit and $17.06 per square foot.

Casey Babb (middle right photo), CCIM, a senior investment specialist, and Luis Baez (lower left photo), investment specialist both in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the Florida-based seller, a private investor.  The listing agents also secured the buyer of the property, a private, Canadian-based investment group.

Regency Manor Apartments is located at 13710 North 19th Street.  This 1960s vintage, garden apartment community is located in the University submarket of Tampa.  Units are 100 percent one bedroom/one bath all housed in six two-story concrete block apartment buildings with flat, built-up roofs. 

 “Regency Manor was a lender approved short-sale at less than one-third of the previous sale price in March 2006; however, given the circumstances, all parties involved would likely admit that this was a win-win for everyone.

“  The buyer will do very well, since they received a deeply discounted price relative to replacement cost.  The seller was released from personal liability and the lender avoided a long, costly foreclosure process and at the same time, achieved a market sale price,” recounts Babb.

Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa

(813) 387-4700