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| Michael Donaldson |
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 Tampa Villas, a 34-unit apartment
property located in Tampa, Florida, according to Richard D. Matricaria,
regional manager of the firm’s Tampa office. The asset sold for $1,685,000.
Ned Roberts,
associate, Michael Donaldson, vice
president investments, and Nicholas
Meoli, 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 private investor, was secured and also represented by the three
brokers.
Tampa Villas is a 34-unit,
garden-style community located at 5901 Bryce Lane in Tampa, Florida.
The
property is positioned on Bryce Lane, just off Sheldon Road, a half-mile north
of the Hillsborough Avenue, Memorial Highway and Sheldon Road intersection,
which has a combined traffic count of 128,000 vehicles per day. Tampa Villas is
comprised of five, one-story residential buildings situated on an approximately
1.78 acre site.
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| Nicholas Meoli |
The property offers three
open floor plans consisting of nine studio units with 286 rentable square feet,
24 one-bedroom/one-bathroom units with 576 rentable square feet and one,
two-bedroom/one-bathroom unit with 864 rentable square feet. Many units have
been remodeled with re-faced cabinetry and new appliances.
“We leveraged the strength
of our team’s multi-faceted marketing approach to source a buyer who is new to
the Tampa Bay market, and paid cash for the deal,” said Roberts.
“We generated 100
registered buyers and sold the asset for more than 96 percent of asking price,
further solidifying the current market’s continued demand for Tampa Bay
apartment communities,” added Donaldson.
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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