Marcus & Millichap Sells South Tampa Apartment Building Over List Price
TAMPA, FL, January 11, 2017 – 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 213 West Beach Place, a four-unit apartment building located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $590,000.
“This property is located in one of the most desirable neighborhoods of Hyde Park and features hard wood floors and vaulted ceilings. Our marketing process resulted in a no contingency offer over seven percent of list,” says Shawn Rupp, associate in the firm’s Tampa office. “The buyers plan to conduct a major renovation to the property to bring it to its full potential over the next six to twelve months.”
Rupp, along with Casey Babb, CCIM and vice president investments, and Luis Baez, CCIM and senior associate, all in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer in this transaction.
213 West Beach Place is a 1900’s vintage apartment building located in the Class A submarket of Hyde Park in South Tampa. The two-story building consists of two, one-bedroom/one-bathroom, one, two-bedroom/one-bathroom and one, three-bedroom/two-bathroom unit apartments, which average approximately 936 square feet.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com