Davis Island Multifamily Portfolio Sells Over List Price at $3.95 Million
TAMPA, FL, March 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 Davis Islands Portfolio, a 30-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,950,000, which was 107 percent of the list price.
Shawn Rupp, associate, Luis Baez, CCIM and senior associate, and Casey Babb, CCIM first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“Our team worked with the sellers in an advisory capacity to help give them recommendations to raise their net income and explain the value in our unique exclusive listing process,” says Rupp. “After just a two-week marketing campaign, we conducted 16 property tours and generated six formal offers. Multiple offers were received at $200,000+ over our listing price with six and seven-digit escrow deposits and no contingencies. We ultimately closed the transaction at $250,000 over list price with a two-week contract and $1,000,000 non-refundable day one.”
Davis Islands Portfolio, a 30-unit garden apartment portfolio, is located at 64 Davis Boulevard in the highly desirable Davis Islands submarket of South Tampa. This portfolio consists of five separate properties all with great walkability to nearby amenities and efficient layouts. The unit mix is comprised of 19 one-bedroom/one-bathroom units and 11 two-bedroom/one-bathroom units.
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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