WINTER HAVEN, FL and TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a four property portfolio, located in Winter Haven, and Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $8,820,000.Michael P. Regan (top right photo), an associate vice president investments and Francesco P. Carriera (top left photo), a senior associate 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 investor from Tampa, Florida.
“We are seeing a growing trend in “C” quality assets with a more ‘do-it-yourself’ investor profile to capitalize on the upside in management,” comments Regan.
“The sale of this portfolio is one of only a few private transactions that have sold this year in the Tampa Bay area. This portfolio transaction was also not a bank owned or a bank driven sale, which is an additional indication that most bank driven sales have been absorbed and the market for multifamily assets has begun to turn in a direction we’ve all been waiting for,” adds Carriera.
This is a portfolio sale which consists of four properties: Brandywyne, The Landings, Country Place and Hickory Point. The properties are located in the cities of Winter Haven and Tampa, Florida, in Polk and Hillsborough County.
Marcus & Millichap Facilitates Sale of Westbury House Assisted Living Facility in New Port Richey, FL
NEW PORT RICHEY, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Westbury House Assisted Living (middle right photo), a 5,713-square foot assisted living facility located in New Port Richey, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The asset commanded a sales price of $300,000.
Krone Weidler (middle left photo), senior associate and Matt Decker, senior housing specialist and members of the National Senior Housing Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the North Carolina-based seller. Ms. Weidler and Luis Baez, also of the firm’s Tampa office, secured the buyer of the property a private investor from Odessa, Florida.
Westbury House Assisted Living was built in 1969 is located at 7114 North Congress Street. The property consists of 14 resident rooms, three half-bathrooms and five full bathrooms, kitchen, laundry room, office, dining room and living room.
“The buyer plans an extensive renovation of this asset” says Ms. Weidler. “Once complete, the asset will be licensed as an assisted living facility for 28 residents. There is tremendous upside and opportunity to add value” adds Ms. Weidler.
Armenia Village Condominiums in Tampa, FL Sold for $2 Million
TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Armenia Village Condominiums (lower right photo), a 70-unit apartment property located in Tampa, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.
The sales price of $2,050,000 represents $34.02 per square foot.
Casey Babb, CCIM (lower leftt photo), a senior multifamily specialist and Luis Baez (bottom right photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company based out of Florida.
The buyer, a private investor, from Louisiana, was secured and represented by Still Hunter, III and Evan P. Kristol, senior vice presidents investments and senior directors of the National Multi Housing Group in Marcus & Millichap’s Ft. Lauderdale office.
The property was built in 1985 and is located at 8801 Crestview Drive in the Carrollwood area of Tampa. Armenia Village is a well-kept, fully-stabilized, “Class B” condominium rental community with a mix of one-bedroom/one-bath and two-bedroom/one-bath units averaging 851 square feet.
“In the current marketplace, competition for certain multifamily assets is causing buyers to conduct their physical due diligence on the front end, which was the case for Armenia Village” says Babb. “The buyer submitted a non-contingent offer and closed in under 40 days, subject only to receiving clean title” adds Babb.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa, (813) 387-4700
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