TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dale Mabry Palms Apartments (top left photo), a 40-unit apartment property located in 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 $2,000,000.
Casey Babb (middle right photo), CCIM, a senior multifamily specialist, and Luis Baez (middle left photo), multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was also secured and represented by Babb and Baez.
Dale Mabry Palms Apartments is a 40-unit, “Class B”, garden apartment community built in 1987 and located at 5901 South Dale Mabry Highway. The property recently underwent over $1 million of rehab which included all new interiors, exteriors and common areas.
Apartments are housed in 10 two-story, concrete block buildings with newly painted stucco exteriors and pitched shingle roofs.
“In the under 50-unit apartment market in Tampa, this transaction is among the first of what we think will be a wave of property trades for previously distressed properties that were bought between 2008 and 2010, repositioned and resold” comments Babb.
“In the case of Dale Mabry Palms, the property was bought out of receivership when it was 100 percent vacant and boarded up.
“The property then received a nearly $1 million cash infusion before restabilizing in late 2011. The incoming buyer achieved a 9.8 percent cap rate on 82.5 percent physical occupancy and the seller made a 25 percent profit over and above his capital invested” adds Babb.
Press Contact: Bryn D. Merrey, Vice President/Regional Manager, Tampa
(813) 387-4700
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