Sale of North Chase Villas in Tampa, FL Handled by Marcus & Millichap

Evan P. Kristol

TAMPA, FL, June 2, 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 North Chase Villas, a 72-unit apartment property located at 1505 East 130th Avenue in Tampa, Fla in Tampa, Fla. 

The asset sold for $2,975,000.

Evan P. Kristol, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, a vice president investments, and Nicholas Meoli, an associate vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lafayette, LA.

 The buyer, a partnership from Tampa, Fla, was secured and represented by Robert S. Hunter and Harrison Rein, associates in Marcus & Millichap’s Fort Lauderdale office. 

“North Chase Villas was an opportunity to acquire a rental community that was predominantly built in 2007, a rare find in the University submarket of Tampa given that the majority of communities under 100 units were built prior to 1990,” says Donaldson.

Michael Donaldson

“As a result of the favorable construction and majority two or three bedroom units averaging over 1,100 square feet, North Chase possesses an excellent competitive advantage over the surrounding communities, as evidenced by its consistent high occupancy level,” adds Meoli.

“These attributes attracted our ultimate buyer to the offering, a Canadian based investment group with a local presence in the Tampa market,” adds Kristol.

North Chase Villas is a 72-unit garden-style apartment community located within the University submarket of Tampa. Built in two phases, the property is situated on a 3.5-acre site, and includes two three-story concrete block buildings built in 1974 and four three-story concrete block buildings built in 2007. 

 The unit mix consists of 12 one-bedroom/one-bathroom units, 12 two-bedroom/one and one-half bathroom two-story townhome units and 48 three-bedroom/two-bathroom units.

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

Ryan Nee

Regional Manager

 Fort Lauderdale, FL

(954) 245-3400