TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a nine-property, 2,253-unit multifamily portfolio in various locations in Florida and Texas. The sales price is $70.9 million.
Jeffrey Meyer (lower right photo), in Marcus & Millichap’s Tampa office, represented the seller, a Tampa Bay area-based private investor. Sean Shahar A. Ziv, of the firm’s San Diego office, represented the buyer, a California-based investment firm making its first entry into the Florida and Texas multifamily markets.
“The substantial financial commitment of the buyer and his financial partners is a positive signal that Florida in general and Tampa in particular are well positioned to recover from the recession,” says Meyer.
The two Texas properties combine for a total of 982 units and are located on the same street in Pasadena, a suburb of Houston.
Three of the Florida properties are located in central Tampa and the rest are located in Orlando, Fern Park, Bradenton and Brandon. The Tampa properties, comprising 518 units, are located just north of the main campus of the University of South Florida (USF).
The USF campus is growing rapidly as the school continues its transformation into a major research center with a concentration in biomedical and related fields.
The Orlando and Fern Park properties, totaling 536 units, are located near major arterial roads and are in close proximity to large employment centers.
At the time of the sale, portfolio-wide occupancy was approximately 88 percent.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
1302 Coopers Town Court, Tampa, FL
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