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| Casey Babb |
BRANDON, FL, Sept. 14, 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 47 units
within The Hamptons at Brandon, an apartment community located in Brandon,
Florida, according to Richard D. Matricaria, regional manager of the firm’s
Tampa office.
The asset sold for $2,050,000.
Casey Babb,
CCIM and vice president investments, Luis
Baez, senior associate, and Armando
Rodriguez, associate, all in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a
developer. The buyer, a private
investor, was secured and represented by Babb and Baez.
The Hamptons at Brandon is
a 1980s vintage condominium community located at 609 Golden Raintree Place in
Brandon, Florida.
The sale included 47 of
204 units that have been operating as rentals for the past nine years. The
units are spread throughout the community which consists of 23 two-story
buildings and two common area buildings housing the office, a clubhouse,
laundry facilities and swimming pool areas.
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| Luis Baez |
The units feature large,
open floor plans, private patios, fully equipped kitchens with dishwashers and
wash/dryer connections in roughly half of the units.
“The Hamptons at Brandon
was a difficult transaction since it was a bulk-condo sale of a non-controlling
interest and a short-sale,” says Baez.
“Our marketing campaign produced
five offers including some with no contingencies, and by forming a market for
the asset we were able to work with the lender to reach a workable settlement
and help our client get out of the deal.”
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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