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| Casey Babb |
SEMINOLE, 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 Casa Corsicana Apartments,
a 53-unit apartment community located in Seminole, Florida, according to
Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset
sold for $5,300,000.
Casey Babb,
CCIM and vice president investments, and Luis
Baez, senior associate, both in Marcus & Millichap’s Tampa office, had
the exclusive listing to market the property on behalf of the seller, a
Tampa-based private investor.
The buyer, a private
investor based in Newport Beach, California, was secured and represented by Tyler Leeson, vice president investments
in the firm’s Newport Beach office.
Casa Corsicana Apartments,
a 53-unit, Class A, garden apartment community, is located at 12430 Rose Street
in Seminole, Florida, which is just 1.8 miles from the beautiful Pinellas
County beaches. The property consists of six, single-story buildings on a
lushly-landscaped 3.61 acre site providing a low-density, park-like setting for
residents. The units feature large, open floorplans averaging 925 square feet
and are a mix of nine percent one-bedroom/one-bath, 76 percent
two-bedroom/one-bath, 11 percent two-bedroom/two-bath and four percent
three-bedroom/one-bath.
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| Luis Baez |
“Casa Corsicana is a
best-in-class apartment asset in its respective submarket after receiving a
$1,500,000 rehab in 2014. As a result, it commanded what we think is record
prices for small apartments in the Seminole submarket,” says Babb. “There is
still a tremendous amount of runway left for rent growth and we expect the
buyer will do very well with this property.”
“The buyer was in a 1031
exchange and was procured through a relationship between our Tampa and Newport
Beach offices, which is a testament to our national platform and our ability to
move capital throughout the country to service our clients’ real estate needs,”
concluded Babb.
For a complete copy of the company’s news release,
please contact:
Richard D. Matricaria
Vice President/Regional
Manager
Tampa, FL
(813) 387-4700
