Marcus & Millichap Brokers $10 Million Sale of 92-Unit Park Place Condominiums in Tampa, FL

  

 

Aerial of Park Place Condominiums
 3400 Fletcher Avenue, Tampa, FL

TAMPA, FL, Jan. 2, 2019 – 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 Park Place, a 92-unit condominium community located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $10,000,000.

John E. Brigel

John E. Brigel, an investment specialist in Marcus & Millichap’s Tampa office, had the listing to market the property on behalf of the seller, a condominium association.  The buyer, a limited liability company, was also secured and represented by Brigel.

“Situated immediately across the street from the University of South Florida, this land represents one of the true, last gems of student housing development potential at USF," says Brigel.

"Interest from national student housing developers was quite strong as was the final pricing. Both Seller and Buyer are most satisfied with the results of the agreement.” 

Park Place is located at 3400 Fletcher Ave in Tampa, Fla., on an approximately 3.91-acre parcel of land and situated immediately across the street from the University of South Florida. 

Ari Ravi

Currently the land is improved with 92 condominiums built in 1973. The land is in a prime location on the northeast corner of a signalized intersection at the University’s main entrance on USF Magnolia Drive.

Contacts:

 Ari Ravi

Regional Manager, Tampa

(813) 387-4700

Whitney Davis
Marketing Coordinator
Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com

 www.MarcusMillichap.com