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