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| Part of Davis Island apartment portfolio, Tampa, FL |
TAMPA, FL, Oct. 25, 2013 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Davis Island Portfolio, a
16-unit apartment property located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$750,000 which was $50,000 above the asking price.
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| Casey Babb |
Casey Babb, a CCIM and senior multifamily specialist,
and Luis Baez, associate in Marcus & Millichap’s Tampa office,
represented on the seller, a private investor based in Mississippi. Babb and Baez also represented the buyer of
the property, a local private investor,
The Davis Island Portfolio was built in approximately 1925
and is located at 38, 40 and 42 Davis Boulevard in Tampa, Fla. The property
consists of three buildings and 16 residential units with 150 feet of frontage
on Davis Boulevard and is located 0.12 miles south of Tampa General Hospital,
the primary employment center on ‘The Island’.
“The Davis Island Portfolio offering was well received by
the marketplace in spite of the troubling new flood insurance rates, which were
dictating approximately $1,250 per unit for flood coverage alone,” says Babb.
“Although we were
forced to market the property on an all-cash basis, we were still able to
generate 10 offers in less than a week and negotiated for the seller, a no
contingencies contract at $50,000 above the asking price with a significant
non-refundable deposit and a 10-day closing.
“Given that our client was in a 1031 exchange, he enjoyed
the liquidity and hassle-free transaction we were able to deliver,” adds 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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