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| Joshua Teplitzky |
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 Westshore Gardens, 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
$1,200,000.
Joshua Teplitzky, senior associate, Cameron
Barbas, associate, Francesco P.
Carriera, first vice president investments, and Michael P. Regan, first 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 brokers.
Westshore Gardens is a
14-unit multifamily community located at 4201 West North A Street in Tampa,
Florida. As one of the few remaining prohibition ear buildings left in the
Westshore Palms District, the property consists of one, two-story residential
building.
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| Cameron Barbas |
The building is comprised
of 14, two-bedroom/one-bathroom units with 750-900 rentable square feet. The
interior of the units were upgraded with hardwood flooring, marble countertops,
stainless steel appliances and modern light fixtures. The building was
repainted and the majority of the individual air-conditioning units were
replaced.
“This property is well
located with great visibility off Lois Avenue and North A Street in the Westshore
Business District,” says Teplitzky. “The property was substantially renovated
in the last two years and was very recently at 100 percent occupancy,” added
Barbas.
“The buyer was a first
time multifamily investor out of New York and was in a 1031 exchange,” Barbas
said.
“Through the generation of multiple offers and the high demand for
multifamily in prime locations we were able to close the deal in seven business
days from execution of the purchase agreement,” concluded Teplitzky.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager, Tampa
(813) 387-4700
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