$21.8 Million Multifamily Asset Trades in Central Florida

University Club Apartments, 12702 University Club Drive, Tampa, FL

Francesco Carriera

 TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of University Club, a 536-unit multifamily property in Tampa. The $21.8 million sales price equates to $40,672 per unit.

            Completed in 1975 on 19.4 acres, the investment real estate asset consists of 68 two- and three-story residential buildings with 256 one-bedroom/one-bath units, 200 two-bedroom/two-bath apartments and 80 three-bedroom/two-bath units.

            “We received multiple offers within our marketing period and were able to execute with price and terms that met the seller’s objectives,” says Francesco Carriera, vice president investments in Marcus & Millichap’s Tampa office.

            Carriera and Michael P. Regan, also a vice president investments in the firm’s Tampa office, represented the buyer and seller.

Michael P. Regan

            “The property offers upside potential through strategic capital upgrades supported by strong growth in the immediate area and improving Tampa Bay market conditions,” adds Regan.

University Club is located at 12702 University Club Drive, three blocks south of Fletcher Avenue and three minutes north of Fowler Avenue, two major east-west thoroughfares that connect to Interstate 75 and Interstate 275, which provide convenient commutes to downtown Tampa, Tampa International Airport, Brandon and St. Petersburg.

 The property is one mile from James A. Haley Veterans Hospital and the main campus of the University of South Florida.

All apartments at University Club have central heating and air-conditioning and balconies or patios. Community amenities include 24-hour gated access, on-site laundry facilities, a fitness center, a business center, two dog parks, a playground and two swimming pools.

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

  Gina Relva

Public Relations Manager

(925) 953-1716