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| 2317 West Texas Avenue Apartments, Tampa, FL |
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| Casey Babb |
TAMPA, FL– Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
announced the sale of 2317 West Texas Avenue and 1403 South Bay Villa
Place, a two-property portfolio totaling eight units located in Tampa,
Florida, according to Richard D. Matricaria, regional manager of the firm’s
Tampa office. The asset sold for $788,000.
Casey Babb, a CCIM and senior multifamily specialist
in Marcus & Millichap’s Tampa office, had the exclusive listing to market
the property on behalf of the local seller a private investor and the buyer, a
limited liability company.
The properties were built in 1926 and consist of
two-bedroom/one-bath units averaging just over 1,000 square feet. The West Texas building had received over
$200,000 worth of renovations in 2006 in advance of a failed condo conversion
and rents today averaged close to $1,200 per month.
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| 1403 South Bay Villa Apartments, Tampa, FL |
The incoming buyer
is planning to duplicate the renovation on the South Bay Villa building and also
add a common area courtyard with lush tropical landscaping and a fountain.
Babb brokered the sale on an off-market basis. He commented that…“investor demand for well-located apartment assets is at an
all-time high right now and we’re seeing record pricing in the
marketplace. This property was sold
without the benefit of a formal listing and we generated multiple offers after
showing it to only a handful of our closest clients. The buyer purchased the building all-cash and closed in under 30
days of contract.”
For a complete
copy of the company’s news release, please contact:
Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700
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