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| Francesco P. Carriera |
TAMPA, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of Capri Manor Apartments, a 16-unit apartment complex located
in Tampa, Fla., according to Richard D. Matricaria, regional manager of the
firm’s Tampa office. The asset sold for $725,000.
Francesco P. Carriera and Michael P. Regan,
both vice presidents investments and Joshua Teplitzky, investment
specialist all in Marcus & Millichap’s Tampa office, represented both
parties in the transaction.
Built in 1972 through 2005, and located at 9604 Davis Road
in Tampa, Fla., Capri Manor Apartments consists of eight, one-story buildings.
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| Michael P. Regan |
The buildings
feature 16 two-bedroom/one-bathroom units ranging between 800 and 950 rentable
square feet. The property sits on a
spacious 2.09 acre site and four of the units have central heat and
air-conditioning.
Amenities include washer and dryer connections in all
units. Capri Manor Apartments is
located within five miles of the University of South Florida, Bush Gardens and
Adventure Island.
“This property is a duplex community and was a lucrative
acquisition for the buyer due to the 2005 vintage of several of the buildings,”
says Teplitzky. “The previous owner managed the property since the early 1970’s
and leased several units at the top end of the rental range in the surrounding
area.”
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| Joshua Teplitzky |
“The current spread between interest rates and cap rates
also helped drive the sales price in this transaction” concludes Teplitzky.
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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