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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 The Oaks at Bayshore, a 48-unit
apartment building located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$5,500,000.
Cameron Barbas,
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
limited liability company, was secured and represented by the three brokers..
“Via the 450+ South Tampa
units we have closed in the last 12 months, we’ve began to see a movement of
renters and principals towards the area south of Gandy Boulevard in the South
Tampa submarket,” said Barbas.
“We generated multiple
offers from local and out-of-area investors, and closed the asset at
approximately a 5.5 percent capitalization rate. It was a very competitive environment
and is the highest price per unit transaction in the area for sales over 20
units.”
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| Michael P. Regan |
The Oaks at Bayshore is
located in South Tampa on the beautiful Bayshore Boulevard at the cross street
of Interbay Boulevard and is 0.6 miles south of Gandy Boulevard.
The property is situated
on a 1.87 acre parcel, and consists of one, two-story multifamily building with
33,600 rentable square feet.
The units are comprised of 24
one-bedroom/one-bathroom units with approximately 600 rentable square feet and
25 two-bedroom/one-bathroom units with approximately 800 rentable square feet.
The interior of every unit
consists of condominium grade finishes, which includes new cabinets, granite
countertops and new appliances.
“The condominium grade
interiors of the Oaks at Bayshore are achieving $1,050 for their two-bedroom
units and $825 for their one-bedroom units.
There is room to drive up these
rents based on comparables in the area that are renting at higher rates with
inferior amenities,” Barbas says.
“The rents are increasing to a point that
they are drafting just below the rents in the Hyde Park, Channelside and
downtown submarkets, which are the highest rental areas in the Tampa Bay MSA.
Owners are achieving these higher rents due to the close proximity to Bayshore
Boulevard, the Lee Roy Selmon Crosstown Expressway, Gandy Bridge and Dale Mabry
Highway, which all provide residents with the ability to access all of the
major business hubs in the Tampa Bay MSA.”
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
Vice President/Regional
Manager
Tampa, FL
(813) 387-4700
