Saturday, November 2, 2013

Marcus & Millichap Arranges sale of 124-Unit Apartment Building in Tampa, FL for $3.675 Million

  
Part of Temple Acres Portfolio, Temple Acres, FL


 TAMPA, Fla., October 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Temple Acres Portfolio, a 124-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,675,000.

Casey Babb
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, represented the seller, a local private investor.  Babb and Baez also represented the buyer of the property, a foreign private investor based in Montreal, Canada.

The Temple Acres Portfolio is located at 10400 Davis Road, 8726 Springtree Lane and 8700 Copeland Road in Tampa, Florida.  This is a 1970s garden apartment portfolio consisting of three communities located within a half-mile radius of one another in east Tampa, near Temple Terrace.

 They are housed in single-story duplex buildings with concrete block exterior walls and pitched shingle roofs.  Units feature private entrances, functional floor plans, fully appointed kitchens and baths, individual air-conditioning and either country water and sewer, or septic water and sewer.

Luis Baez
All three properties feature large, open green space, mature oak trees and a quiet, residential neighborhood setting.

“The Temple Acres sale was a challenge since the units were 1970s vintage and in three separate locations,” says Babb.  “We offered above average yield and were able to generate nine offers during our marketing campaign,” continues Babb. 

  “The seller was a local doctor who had owned the property for nearly 15 years and this is the Canadian buyer’s first acquisition in the Tampa Bay area.”
  
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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