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| Francesco P. Carriera |
TAMPA, FL, June 10, 2016 –
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, today
announced the sale of St. Andrews Square
Apartments, a 36-unit apartment community located in Tampa, Florida,
according to Richard D. Matricaria, regional manager of the firm’s Tampa
office. The asset sold for $3,715,000.
Francesco P. Carriera and Michael P. Regan, both first vice president investments, and Nicholas Meoli and Michael Donaldson,
both vice president investments, all in Marcus & Millichap’s Tampa office,
had the exclusive listing to market the property on behalf of the seller, an individual/personal
trust.
The buyer, a private investor,
was secured and represented by Donaldson, Meoli, Joshua Teplitzky, senior associate, and Cameron Barbas, associate, all in the firm’s Tampa office.
“This was a highly
competitive marketing process with offers submitted from buyers in California,
New York and Miami amongst others, which led to the property closing over list
price,” says Teplitzky.
“We received seven offers
in less than a month of marketing which allowed us to achieve a sales price
that once again set a new high price per unit within a given submarket,” added
Barbas.
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| Michael P. Regan |
St. Andrews Square
Apartments is a 36-unit multifamily community centrally located in Tampa at
4113 Tartan Place within the highly desirable Carrollwood/Citrus Park
submarket, which had a 7.9 percent rental growth over the past 12 months.
The
property is situated on an approximately 6.93 acre site and is comprised of
six, two-story residential buildings.
The buildings consist of
36 two-bedroom/two-and-a-half-bathroom townhomes with 1,250 rentable square
feet. St. Andrews Square is within minutes of the Westshore Business District
with over 100,000 employees and the International Mall featuring 200 stores and
15 restaurants.
“The townhouse units were
renting substantially under market, but were increased by $200 per floor plan
at the time of sale,” Teplitzky said.
“There is a lot going on
in the Tampa MSA in regards to developments, jobs and entertainment which is
exciting residents to live here and inherently leading to higher occupancy and
high rental rates across the MSA. Investors from around the country and
internationally continue to identify Tampa as a strong city to invest in,”
concluded Barbas.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
First Vice President /
Regional Manager
Tampa, FL
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