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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 The Place at Davis Island, a
40-unit apartment community located in Tampa, Florida, according to Ari Ravi,
regional manager of the firm’s Tampa office. The leasehold interest sold for
$5,000,000.
Casey Babb,
CCIM and vice president investments in Marcus & Millichap’s Tampa office,
and Tyler Leeson, first vice
president investments in the firm’s Newport Beach office, acted in a
transaction broker capacity and put the deal together on an off-market basis.
The buyer, a California-based private
investor, was secured and represented by Babb and Leeson. The seller, a
Tampa-based partnership, was represented internally.
The Place at Davis Island
is a 40-unit vintage, garden-style community located on beautiful Davis Island
at 401 Danube Avenue in Tampa, Florida. The property consists of 40
one-bedroom/one-bathroom units with 700 rentable square feet of which 25
percent have been rehabbed with modern kitchens, new flooring, fixtures and
stacked washer/dryers.
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| Tyler Leeson |
“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970’s and through internal collaboration we were able to connect a California 1031 exchange buyer with a great opportunity in Tampa,” says Babb.
“The seller owned the leasehold interest for
nearly 20 years and plans to trade into a larger asset. The buyer was in a 1031
exchange and plans to rehab the remaining units and increase the rents to
market.”
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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