Thursday, August 8, 2013

Marcus & Millichap Arranges Sale of Two-Property Apartment Portfolio in Tampa, FL

  
2317 West Texas Avenue Apartments, Tampa, FL
  
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.

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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