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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 Paramount Apartments, a six-unit apartment property located in
Tampa, Florida, according to Richard D. Matricaria, regional manager of the
firm’s Tampa office. The asset sold for $645,000.
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 private
investor. The buyer, a private investor,
was also secured and represented by the three brokers.
Paramount Apartments is a
Class "B" apartment community located in the Class "A"
Palma Ceia submarket of south Tampa at 2914 West Estrella Street.
Originally
built in the 1956, this community consists of six, one-bedroom/one-bath
apartment homes which average 763 square feet and feature hardwood floors, nine
foot ceilings, on-site laundry and off-street parking.
The units are housed in a two-story, garden
apartment building with stucco exteriors and a flat roof. The seller has owned
the property for 37 years and has maintained high occupancy and a quality
tenant mix throughout his ownership.
“Our team originally did
an analysis for the seller in August of 2013, and advised him on an array of
initiatives including changing management and making other strategic
improvements to help him raise rents,” says Rupp.
“After implementing our
suggestions, the seller was able to achieve a sale price of 50 percent higher
than our 2013 valuation, and was still able to leave room for the incoming
buyer to execute on their own business plan.”
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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