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| Joshua Teplitzky |
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 Eden Court Apartments, a 28-unit
apartment community located in Tampa, Florida, according to Richard D.
Matricaria, regional manager of the firm’s Tampa office. The asset sold for
$1,765,000.
Joshua Teplitzky, senior associate, Francesco P.
Carriera and Michael P. Regan, both first vice president investments, all
in Marcus & Millichap’s Tampa office, secured both the buyer and seller in
this transaction.
Eden Court Apartments is a 28-unit multifamily community located at 3712
West Cass Street in Tampa, Florida. The property consists of two, two-story buildings
and the buildings are comprised of 28 one-bedroom/one-bathroom units with 700
rentable square feet. The property sits on approximately .58 acres and all
units have individual air conditioning.
The interior of the units
were upgraded with laminate hardwood flooring, vinyl tile in the kitchens and
bathrooms in select units, ceramic tile in the kitchens and bathrooms in select
units and new windows in select units.
“This property was sold to
a local Tampa investor who saw significant value in the location within the
Westshore Business District,” says Teplitzky. “One day after closing the buyer
was able to raise the rents over $150 from the property’s previous asking
rates. The buyer plans to enhance the property’s curb appeal and improve the
asset through a substantial renovation 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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