Wednesday, April 10, 2013

Colony House Apartments in Tampa, FL Sells for $1.265 Million



Colony House Apartments, Tampa, FL
TAMPA, FL, April 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Colony House Apartments, a 20-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb
The asset commanded a sales price of $1,265,000 which translates to $63,250 per unit.

Casey Babb, CCIM and senior multifamily specialist and Luis Baez, associate, both in Marcus & Millichap’s Tampa office had the exclusive listing to market the property for sale.


 Earle Hyman, a senior vice president investments and Nicholas Meoli, multifamily specialist in the firm’s Encino, California and Tampa offices procured the buyer, a private, 1031 exchange investor.

Colony House Apartments was built in 1965 and completely renovated in 2007.  This Class “B” 20-unit apartment building is located at 4332 West North B Street in the Westshore Business district of Tampa in Hillsborough County. 

Earle J. Hyman
The building consists of eight one-bedroom/one-bath units and 12 two-bedroom/one-bath units that include ceiling fans, front and rear entries and updated interiors, housed in a single two-story garden apartment building.

The building is masonry-constructed on a concrete slab foundation featuring a separate on-site laundry facility and off-street parking.

Nicholas Meoli
“Colony House was purchased by a 1031 exchange investor and the transaction went very smoothly after previously falling out of contract twice,” says Babb.  “1031 exchange investors are back in the market in a big way which is a very good sign since it means people are selling properties at substantial gains and need to buy replacement properties to defer taxes.”

 For a complete copy of the company’s news release, please contact:

Richard D. Matricaria
Regional Manager,
Tampa, FL
(813) 387-4700

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