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| Cameron Barbas |
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 Hubert Apartments, a 14-unit
multifamily community located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$410,000.
Cameron Barbas,
associate, Joshua Teplitzky,
associate, Michael P. Regan, first
vice president investments, and Francesco
P. Carriera, vice president investments, all 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 the four Marcus &
Millichap brokers.
“We generated three offers
in the first three weeks of marketing these 1940’s wood frame buildings,” says
Barbas. “The asset drew interest from many developers, but ultimately sold to a
multifamily investor.”
Hubert Apartments is a
14-unit multifamily community located at 4611 North Hubert Avenue in Tampa,
Florida. Centrally located in Tampa, Hubert Apartments is only 0.7 miles from
U.S. Highway 92, also known as Dale Mabry Highway, a major north/south
thoroughfare through Tampa.
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| Joshua Teplitzky |
The property consists of
four, one-story buildings and one single family residence. The residential
buildings are comprised of three efficiencies with approximately 475 rentable
square feet, ten two-bedroom/one-bathroom units with approximately 575 rentable
square feet and a four-bedroom/two-bathroom single family residence with 1,280
rentable square feet.
“The property is located
within the Drew Park submarket, an industrial area within the Westshore
Business District. It is a location where buyers can find a higher yield than
most submarkets in the Tampa Bay MSA due to the abundance of blue collar
industrial jobs surrounding the multifamily properties in the immediate area,”
adds Teplitzky.
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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