Marcus & Millichap Arranges the Sale of a 32-Unit Apartment Building
TAMPA, FL, April 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 Keystone Courtyard Apartments, a 32-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,175,000.
Joshua Teplitzky, Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Joshua Teplitzky, Cameron Barbas, Francesco P. Carriera and Michael P. Regan.
“As the Westshore Marina District continues to develop, buyers from around the country are finding value add deals like Keystone. Although a buyer had to place approximately $200,000 in immediate cap ex including a roof replacement, this deal was extremely competitive with 5 other buyers that wrote offers and missed on the opportunity. The buyer that closed was able to win the deal with a 10 day diligence within his offer,” says Cameron Barbas, senior associate in Marcus & Millichap’s Tampa office.
“The Westshore and Bayshore sub-markets of South Tampa have already experienced the drastic rent increases and the Dale Mabry Corridor is drafting underneath those rents. It’s pretty amazing to watch this area turn and grow through the approximately 700 units that we’ve traded down here,” says Joshua Teplitzky, senior associate in Marcus & Millichap’s Tampa office.
Keystone Courtyard Apartments is a 32-unit apartment community located at 3719 Ohio Avenue in Tampa, Florida which is in Hillsborough County. The property consists of one, two-story building comprised of 18 two-bedroom/one-bathroom units with 800 rentable square feet and 14 three-bedroom/one-bathroom units with 800 rentable square feet. The building sits on approximately 1.17 acres of land. Amenities include an on-site laundry facility, private gated access, keyless door entry and security surveillance. In the last four years approximately $300,000 in renovations have occurred at the property. Interior upgrades include new carpet and tile floors, new countertops, appliances and light fixtures. Also in the last four years, new landscaping has been added to the property and the exterior of the building has been repainted.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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