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| Casey Babb |
TAMPA, FL – Marcus &
Millichap (NYSE: MMI), a leading commercial real estate investment services
firm with offices throughout the United States and Canada, announced the sale
of Parkview Apartments, a 100-unit
apartment property located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$4,625,000.
Casey Babb,
CCIM and vice president investments, and Luis
Baez, senior associate, both in Marcus & Millichap’s Tampa office, had
the exclusive listing to market the property on behalf of the seller, a private
investor.
The buyer, a private investor, was secured and
represented by David Greenberg, vice
president investments, and David Altman,
associate, in the firm’s Fort Lauderdale office.
Parkview Apartments, a
1960s vintage garden community, is located at 10905 Bourbon Court in Tampa’s
University submarket, which is in close proximity to major demand drivers and
less than ten miles from both downtown Tampa and the Westshore business
district, the region’s two largest employment centers.
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| Luis Baez |
The community consists of
two-story buildings surrounding common green space areas and a community
swimming pool.
Units consist of 24 one-bedroom/one-bath at 700 square feet, 56
two-bedroom/one-and-one-half-bath at 1,100 square feet and 20
three-bedroom/two-bath at 1,300 square feet.
Each unit features a
fully- equipped kitchen with a dishwasher and garbage disposal, large open
floor plan, tile flooring and private balconies in select units.
“Parkview was an ideal
purchase for the client who was exchanging from an apartment investment
property in Texas and in pursuit of a reposition, value-add opportunity,” says
Baez.
“Generating 11 offers during our marketing
campaign and ultimately selling above the list price, this sale was a testament
of the continued high demand from investors looking for vintage reposition
opportunities,” Baez added.
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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