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| Shawn Rupp |
TAMPA, FL, Dec. 21, 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 The Academy,
an 18-unit apartment building located in the Class A, Hyde Park submarket of
Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa
office.
The asset sold for $2,205,000, which was 111 percent of the list price.
“This was a truly
one-of-a-kind asset in the historic Hyde Park submarket of South Tampa,” says Shawn Rupp, associate in Marcus &
Millichap’s Tampa office.
“Our marketing efforts generated 22 tours and
multiple offers over list price. This property had a tremendous amount of
future potential, which we were able to help the market visualize with detailed
interior and exterior photo renderings and a solid business plan.”
Rupp, along with Luis Baez, CCIM and senior associate,
and Casey Babb, CCIM and vice
president investments, both in the firm’s Tampa office, had the exclusive
listing to market the property on behalf of the seller. They also procured and represented the buyer.
The Academy is an 18-unit
apartment building located at 404 South Newport Avenue in the Hyde Park
submarket of South Tampa, arguably one of the strongest rental submarkets in
the Tampa Bay area.
It is just south of Platt Street and a short walk to Hyde
Park Village, South Howard Avenue and Bayshore Boulevard. Built in 1924, this
building features the charm and character typical for buildings from this
historically rich construction era.
The two-story building consists of four
studio apartments, 11 one-bedroom/one-bathroom units and three,
two-bedroom/one-bathroom ranging in size from 570 to 1,050 rentable square
feet.
For a complete copy of the company’s news release,
please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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