Marcus & Millichap arranges sale of tampa, fl gardens apartments for $3.55 million

Tampa Gardens Apartments, 1545 West Spruce Terrace, Tampa, FL

   

TAMPA, FL, Jan. 12, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tampa Gardens Apartments, a 135-unit apartment property located in Tampa, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Casey Babb

The $3,550,000 sales price equates to $26,296 per unit.

Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate in Marcus & Millichap’s Tampa office, represented both parties in this transaction.

Tampa Gardens Apartments is located at 1545 West Spruce Terrace in Tampa, Fla.  This 1960s vintage, Class “C”, apartment community is located on 4.42 acres within the heart of the West River Redevelopment Area in West Tampa.  Units are a mix of one-, two and three-bedroom floor plans averaging 820 square feet and housed in 12, two-story block constructed buildings with built-up flat roofs.

The West River Redevelopment Area encompasses 150-acres north of I-275 and west of the Hillsborough River near downtown Tampa, and will soon be redeveloped into a vibrant mixed-use neighborhood with upwards of 1,600 mixed-income, intergenerational rental and for-sale housing units. 

Luis Baez

 It will also include a series of waterfront parts, schools, enhanced pedestrian-friendly streetscapes and a commercial/entertainment district along the western edge of the riverfront. 

“Given the massive redevelopment plan for the area, the local buyer was attracted to Tampa Gardens as a future redevelopment play,” says Baez. 

 “Beyond that however, they also saw an opportunity to improve the asset both from a physical and a management standpoint, to generate current cash-flow yields that are significantly higher than what is generally being achieved in the broader commercial real estate marketplace. 

“Tampa as a whole is in a transformative growth stage right now and the West River Plan, combined with The Heights project, Tampa Housing Authority’s Encore project, and Jeff Vinik’s billion-dollar redevelopment downtown, is truly astonishing to watch and will catapult the City of Tampa to an altogether higher level,”  adds Babb.

For a complete copy of the company’s news release, please contact:

 Richard D. Matricaria

Vice President/Regional Manager

Tampa, FL

(813) 387-4700