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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 Branch
Court & Candy Co. Flats, a 2-property, 19-unit apartment property portfolio
located in Tampa, Florida, according to Ari Ravi, regional manager of
the firm’s Tampa office. The portfolio sold for $2,440,000.
Casey Babb,
CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists 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, also a Tampa-based private investor, represented
themselves internally.
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| Luis Baez |
“Seminole Heights is
an emerging market just north of Downtown Tampa and is popular for both young
professionals and investors alike," said Babb.
"Many of the historic bungalows are
being rehabbed, you have an exciting food and craft brew scene and, recently,
two new mix-use properties broke ground representing the first new construction
apartments within the submarket roughly 50 years.
“At $128,500 per unit, this purchase came at
a relative discount to what similar properties are trading for just a few miles
south in Hyde Park,” added Rupp.
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| Shawn Rupp |
Branch Court was
built in the 1920’s, this nine-unit brick complex is located in the heart of
the Seminole Heights historic district. Branch Court is within walking distance
to great restaurants, antique shops and the most popular Starbucks in Tampa.
Candy Co. Flats was
built in 1925 which served as an early mixed-use building that originally
housed Harry's Candy Co. and several apartments above the factory.
Ownership has
maintained the vintage warehouse feel by incorporating industrial details
throughout the renovation. Branch Court & Candy Co. Flats are located in
the heart of the Seminole Heights submarket in Tampa, Florida.
For more information, please contact:
Ari Ravi
Regional Manager, Tampa
(813) 387-4700
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