 |
| University Portfolio Apartments, Tampa, FL |
 |
| Michael Donaldson |
TAMPA, FL – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has
announced the sale of the University Portfolio, a 48-unit garden-style
apartment property located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$875,000.
Michael Donaldson and Nicholas Meoli, senior
associates in Marcus & Millichap’s Tampa office had the exclusive listing
to market the property on behalf of the seller, a financial institution in Boca
Raton. Donaldson and Meoli also
procured the buyer of the property, a private investor based in Canada.
The University Portfolio consists of three, garden-style
apartment complexes located within a mile of each other in the University
submarket of Tampa and situated approximately a mile from the University of
South Florida. The unit mix of the
portfolio consists of entirely two-bedroom and one-bathroom units, ranging from
approximately 660 to 918 rentable square feet.
 |
| Nicholas Meoli |
"The University Portfolio was a collection of three
bank-owned communities totaling 48 units with substantial value-add potential
due to high vacancy," says Donaldson.
"While this theme was common in the downturn of the
market, today, these offerings are few and far between and with the sheer
number of investors looking for this type of opportunity, competition often
drives "distressed" property values much higher than previous
markets."
"Through a strategic and extensive marketing campaign
reaching local, domestic and international buyers, we were able to generate 12
offers on the property." "Ultimately, we closed with a foreign based
buyer in Canada who plans to renovate and stabilize the community,"
concludes Meoli.
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700
No comments:
Post a Comment