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| Casey Babb |
TAMPA, FL, July 28, 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 Sitios Place,
a 4-unit apartment community located in Tampa, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$500,000.
Casey Babb,
CCIM and vice president investments, and Ari
Ravi, associate, both of Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a private
investor. The buyer was secured and
represented by Casey Babb and Ari Ravi.
“Apartment properties in
and around the urban core continue to experience high demand both from tenants
and investors alike. That is especially the case in the South Tampa market,
which is one of the strongest rental submarkets in the region. The subject
traded within four percent of the asking price at a sub six percent cap and
nearly ten times the gross rent,” said 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
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