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| Casey Babb |
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 Urban Heights, a 14-unit
apartment property located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$595,000.
Ari Ravi, associate, Casey Babb, a CCIM and
vice president investments and Luis Baez, senior associate in Marcus
& Millichap’s Tampa office, represented both parties in the transaction.
Urban Heights is located at 5113 North Nebraska Avenue in
Tampa, Florida.
This 1980s built property consists of 12
one-bedroom/one-bathroom apartments and two studio apartments, housed in a
single, two-story concrete block/wood frame building with pitched shingle roofs
and interior corridor entries.
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| Ari Ravi |
Units feature semi-private, interior corridor entries,
central HVAC, floor tile coverings, fully appointed kitchens, double basin
sinks and dishwashers in select units and fully appointed baths.
“Urban Heights was a value-add opportunity in the emerging
Seminole Heights submarket and garnered significant investor activity,” says
Ravi. “We generated four offers in the
first week and the property went under contract within ten days, resulting in a
quick, hassle-free closing.”
“This transaction further solidifies Seminole Heights as a
market of interest for small apartment investors,” add Ravi.
For a complete
copy of the company’s news release, please contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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