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| Casey Babb |
TAMPA, FL, April 5, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Church Avenue Apartments, a
19-unit apartment community located in Tampa, Florida, according to Richard
D. Matricaria, regional manager of the firm’s Tampa office. The asset
commanded a sales price of $665,000 which equates to $35,000 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 on behalf of the seller, a
private investor from Miami.
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Earle Hyman, a senior vice president investments and Nicholas
Meoli multifamily specialist in the firm’s Encino and Tampa offices represented
the California-based 1031-exchange buyer.
Church Avenue Apartments was built in 1971 and is located at
6408 North Church Avenue. The community
is set within a cul-de-sac in a ‘park-like’ setting. Units are housed in nine villa-style buildings totaling 19
residences and are situated on 2.5 acres.
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| Nicholas Meoli |
There is a mix of eighteen two-bedroom/one bath units and
one three-bedroom/one-bath unit. Units feature private parking, private
backyards and some screened patios and washer/dryer connections.
“This offering, as with others we have sold recently,
commanded interest from multiple investors and a competitive bidding situation
which helped the seller secure a contract,” says Baez.
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| Earle J. Hyman |
“The property closed at 98 percent of the asking price after
only a two-week marketing process.
Traditionally, real estate has not been a liquid asset, but right now we
are finding that investment real estate in general, and multifamily in
particular, is very liquid which is good if you are thinking about selling,”
continues Baez.
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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