• Marcus & Millichap Arranges the Sale of a 40-Unit Apartment Building

    TAMPA, FLORIDA, May 18, 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 Garden Villa Townhouses, a 40-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.

    Francesco P. Carriera, Michael P. Regan, Cameron Barbas and Joshua Teplitzky, 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 byCameron Barbas, Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office.

    “This property was listed by multiple other brokerage firms who expired the listing over the last two years,” says Barbas. “The amount of interest from countless qualified groups reinforced the pent-up demand for townhouse product in the Tampa Bay Area,” said Barbas.  “We took over this listing only a couple of months after the last firm expired it and we were able to effectively go under contract in the first couple of weeks of marketing,” added Teplitzky. “The buyer out of Canada competed against local and national buyers for this listing. It will be a great complement to the rest of his local portfolio as this Busch Boulevard sub-market continues to steadily push value in rents and sales prices,” concluded Teplitzky.

    Garden Villa Townhouses is located at 8731 North 30th Street in Tampa, Florida.  Garden Villas Townhouses is a traditional 40 unit apartment community located in Tampa, Florida which is in Hillsborough County. The Property consists of 10 two-story residential buildings. The residential buildings consist of 40 two-bedroom/one-and-one-half-bathroom townhouses with 939 rentable square feet. The Property sits on an approximately 1.96 acre parcel of land and the buildings have central heating and air conditioning. Resident pays water, sewer and trash. Water and sewer is individually metered and billed. Amenities include back patios for all units, washer/dryer connections and a pool.

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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