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| Monaco Villas, 14323 Lucerne Drive, Tampa, FL |
TAMPA, FL, July 11,
2013 – Marcus & Millichap Real Estate Investment Services, the nation’s
largest real estate investment services firm, has announced the sale of Monaco
Villas, a 106-unit vintage apartment community located in Tampa, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
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| Casey Babb |
The $1,750,000 sales price equates to $16,509 per unit.
Casey Babb, a CCIM and senior multifamily specialist,
and Luis Baez, associate in Marcus & Millichap’s Tampa office, had
the exclusive listing to market the property on behalf of the seller, an
Ohio-based partnership. The buyer, a
private investor based in Canada, represented itself internally.
Monaco Villas was built in the 1970s and is located at 14323
Lucerne Drive in the university submarket of north Tampa, Florida.
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This gated community has a mix of one- and two-bedroom
townhomes and flats, situated on a 5.53-acre rectangular site. Area amenities include an on-site leasing
office, a swimming pool, laundry center and tennis court. Also included in the
offering is a 1.0 acre parcel at 1501 Skipper Road, which currently services a
landscaping business.
“Monaco Villas
suffered from low occupancy and was only 18 percent at the time of sale,” said
Babb in a statement. “However, the
investor market viewed this as an opportunity, as evidenced by the 16 written
offers we received.
“The buyer pledged a six-figure, non-refundable deposit and
closed within 30 days of signing the contract.
Distressed multifamily opportunities are few and far between but remain
one of the most attractive for most investors,” concludes Babb.
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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