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| Francesco P. Carriera |
TAMPA, FL, July 13, 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 Raintree Oaks Apartments I & II, a
105-unit apartment property located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$3,937,500.
Francesco P. Carriera and Michael P. Regan, both vice president investments, and Joshua Teplitzky, associate, all in
Marcus & Millichap’s Tampa office, along with Felipe J. Echarte, vice president investments, and Alejandro Gonzalez, associate, both in
the firm’s Fort Lauderdale office had the exclusive listing to market the
property on behalf of the seller, a private investor.
The buyer was secured and
represented by Joshua Teplitzky, Francesco P. Carriera, and Michael P.
Regan.
Raintree Oaks Apartments
is a 105-unit, fractured-condominium multifamily community located at 12708 English
Hills Court in Tampa, Florida. The buildings are comprised of all
two-bedroom/one-bathroom units and amenities include washer and dryer
connections in the larger units, an on-site laundry facility and a swimming
pool.
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| Michael P. Regan |
The property is located in
northeast Tampa just a few blocks north of Fowler Avenue and one-half mile from
University of South Florida, which is home to over 47,000 students and 16,000
employees.
Also in close proximity to
Raintree Oaks Apartments are renowned medical facilities including Moffitt
Cancer Center, James A. Haley Veteran’s Hospital and Florida Hospital.
“This transaction
represented a fractured-condominium sale in which 105 out of the 116 total
units were sold under single ownership,” said Teplitzky.
“The property’s cap rate
was sub seven percent on trailing financials and we generated ten offers
throughout the marketing timeframe. This transaction was another example of the
pent up demand for 1980’s constructed assets in the Tampa Bay area,” he
concluded.
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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