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| West Bay Apartments, 705 West Bay Street South Tampa, FL |
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 West Bay Apartments, an
11-unit apartment community located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office.
The asset sold for
$625,000.
Ari Ravi, associate, and Casey Babb, a CCIM
and vice president investments in Marcus & Millichap’s Tampa office,
represented both parties in the transaction.
West Bay Apartments is a “turn-of-the-century,” early 1900s
vintage converted apartment community located at 705 West Bay Street in
South Tampa’s Hyde Park submarket, which is one of the most desirable in the
Tampa Bay region.
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| Ari Ravi |
The property consists of four studio apartments and seven,
one-bedroom/one-bathroom apartments of varying sizes. Tenants enjoy off-street parking and access to the laundry
facility at a neighboring property.
This high barriers-to-entry submarket is a haven for young
professionals, and offers ease of access to major employment centers in
downtown Tampa and the Westshore Business District. There are also plenty of shopping, dining and entertainment destinations
along South Howard Avenue and Bayshore Boulevard.
“West Bay was a value-add offering located in a Class A,
Hyde Park (South Tampa) location,” says Ravi.
“The buyer, through
our in-house mortgage brokerage division, was able to secure acquisition
financing, plus an additional $100,000 for immediate repairs which should allow
him to improve the overall appearance, upgrade the units and in turn raise the
rents,” concludes 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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