Marcus & Millichap Arranges the Sale of Hyde Park Courtyard Apartment Building in South Tampa
TAMPA, FL, February 16, 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 Hyde Park Courtyard, 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 $700,000.
Shawn Rupp, associate, and Casey Babb, CCIM and first vice president investments, both in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“Our marketing campaign generated multiple offers within two weeks of project launch and we closed with a local, high-net worth buyer within 60 days just under 98 percent of the ask price,” says Rupp. “The market for high quality apartment assets is as hot as its ever been as buyers try to get invested before interest rates rise too much over the next 12 months. In addition, very strong renter demand continues to push rental rates higher and higher as well especially for walkable communities like this one.”
Hyde Park Courtyard is a Class B+, 1980’s vintage, four-plex community located at 406 South Westland Avenue in Tampa, Florida. It is located in a prime Hyde Park location just one block off of Howard Avenue in Courier City and the heart of the SoHo Entertainment District; Tampa’s premier nightlife hotspot. The property was rehabbed in 2004 to include a new roof; new windows; new brick pavers in the courtyard, fencing and concrete patio slabs for the back yards; and new flooring, appliances, light, fan, fixtures and window treatments. Units are all two-bedroom/one-bathroom averaging nearly 800 square feet and feature ceramic tile floors, upgraded white and black kitchens, fully appointed baths, updated light fixtures, faux wood blinds, walk-in closets and stacked washer/dryers.
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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