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| Casey Babb |
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 Haciendas de Ybor, a 99-unit Project-Based Senior Section 8
apartment community located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office.
Luis Baez,
senior associate, and Casey Babb,
CCIM and vice president investments, both 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 two brokers.
“Haciendas de Ybor was a
highly sought offering considering its desirable urban location near downtown
Tampa coupled with the fact that it had a 20-year senior HAP contract in place
with 19 years remaining,” says Babb.
“Within a short period of
time, our marketing campaign generated nine written offers resulting in a sale at
100 percent of the list price. The buyer in turn was able to acquire a fully
stabilized asset with a safe and reliable income stream in place for years to
come,” Baez concluded.
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| Luis Baez |
Haciendas de Ybor is
located at 1510 East Palm Avenue in the Ybor City submarket of Tampa, near the
Tampa Central Business District. The property was originally developed in 1970
under the HUD 236 program and has provided affordable housing for seniors age
62 and over since inception.
There are two, two-story,
elevator-served apartment buildings are on an approximately 3.15 acre site
which features a mature oak tree canopy across the property. The buildings
house 99 apartment homes, a central leasing office and club/activity room.
Apartments are a mix of 68
studios and 31 one-bedroom/one-bathroom units which are 408 and 651 rentable
square feet, respectively. Residents of Haciendas de Ybor enjoy amenities such
as an on-site leasing office with 24-hours desk clerk, a community club room,
four laundry facilities and a mobile public library.
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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