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| Town Homes at Sea Pines, Hudson, FL |
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| Francesco 'Frank' Carriera |
HUDSON, FL, March 19, 2014 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has announced the sale of Town Homes at Sea Pines, a
150-unit apartment community located in Hudson, Fla, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$7,650,000.
Francesco “Frank” Carriera and Michael Regan,
vice presidents investments in Marcus & Millichap’s Tampa office had the
exclusive listing to market the property on behalf of the seller, a private
investor located in St. Petersburg, Fla.
The listing agents also procured the buyer of the property, a private
investor based in Montreal, Quebec.
Town Homes at Sea Pines is located at 15902 Spyglass Terrace
in Hudson, Fla. The properties are all
situated on approximately a 17.90 acre parcel of land and consist of spacious
two and three/bedroom floor plans, built in three phases.
The first phase was
built in 1985 and consists of 34 two-bedroom/two-bathroom units. The second phase was built in 2004 and
consists of 50 two-bedroom/two-bathroom units with a second floor loft. The most recent phase was completed in 2007
and consists of 66 three bedroom/two-bathroom units with a bonus room on the
first floor.
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| Michael Regan |
“The buying entity is an investment company from Canada who
has a significant presence in the United States; however, this is their first
acquisition in the Tampa Bay area,” says Carriera.
“Although trailing
financials were not the strongest, they viewed this as a value-add opportunity,
as the net effective rent was about $200 below market. Additionally, this presented an opportunity
for the investor to purchase new construction for $38 per square foot, which is
well below its replacement cost,” concludes Carriera.
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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