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| 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.
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| 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.
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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.
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| 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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