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| Luis Baez |
TAMPA, FLA., November 19, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, announced the sale of Flamingo
West Apartments, a 72-unit apartment community located in Tampa, Fla.,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office.
The asset sold for $3,500,000.
Luis Baez, senior associate and Casey Babb, a
CCIM and vice president investments, in Marcus & Millichap’s Tampa office,
represented both parties in the transaction.
Flamingo West Apartments is a 1970s vintage, Class “B”
garden apartment community located at 3738 West Idlewild Circle in Tampa,
Florida.
The community consists of two-story concrete block buildings
with built-up flat roofs clustered around central courtyard areas.
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| Casey Babb |
Units are 90 percent two-bedroom/one-bath or larger and
average 872 square feet. Units are
accessed from exterior breezeway corridors and feature fully-equipped kitchens
with dishwashers, large open floor plans, tile floors in the living areas,
private balconies and fenced-in backyards, washer-dryer connections in select
units and updated kitchens and bath.
Community amenities include an on-site leasing center, large
laundry facility, swimming pool and sundeck, interior courtyard areas and a
playground.
“This transaction was equally, frustrating, challenging and
rewarding,” says Babb. “The frustrating
part was that the sale took 19 months to complete.
" It was a major challenge to make a deal at an aggressive price
point given the sub-par operating performance and physical issues, which
included bad roofs and a lot of other deferred maintenance,” continues Babb.
“The rewarding part was that the buyer was able to secure
preservation tax-credits which are highly competitive and is positioned to
embark very soon on a $3 million rehab job.
This will add another 30 to 50 years of useful life to the property and
will provide the residents with a better place to live.”
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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