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| Shawn Rupp |
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 Bungalow City Apartments, a
10-unit apartment property located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$1,000,000.
Shawn Rupp,
associate, Luis Baez, senior associate,
and Casey Babb, CCIM and vice
president investments, all in Marcus & Millichap’s Tampa office, had the
exclusive listing to market the property on behalf of the seller, a limited
liability company. The buyer, a limited
liability company, was secured and represented by the three brokers.
“We have been advising the
owner of Bungalow City on a strategic business plan for several years, which
has allowed her to increase the value of her property by well over 30 percent
in 2016 alone,” says Rupp.
Bungalow City Apartments
is a two-property apartment community located at 304 South New Jersey Avenue in
the South Tampa submarket of Tampa, Florida. Built in 1948 and 1951, both
buildings feature the charm and character typical for buildings from this
historically rich construction era.
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| Luis Baez |
The two-story, garden
style apartment building consists of four, one-bedroom/one-bathroom apartments
and four studio apartments. These units average approximately 400 square feet.
The duplex consists of two,
two-bedroom/one-bathroom units, which average approximately 1,029 square feet.
Bungalow City Apartments sit on a spacious one-third acre site with plenty of
green space and off-site parking.
“The new purchaser will be performing
strategic upgrades to both the common areas and buildings which will allow them
to further increase rents and add even more value to their purchase in this
Class A submarket,” Rupp concluded.
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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