TAMPA, FLA., April 5, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Church Avenue Apartments, a 19-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset commanded a sales price of $665,000 which equates to $35,000 per unit.
Casey Babb, CCIM and senior multifamily specialist and Luis Baez, associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami. Earle Hyman, a senior vice president investments and Nicholas Meoli multifamily specialist in the firm’s Encino and Tampa offices represented the California-based 1031-exchange buyer.
Church Avenue Apartments was built in 1971 and is located at 6408 North Church Avenue. The community is set within a cul-de-sac in a ‘park-like’ setting. Units are housed in nine villa-style buildings totaling 19 residences and are situated on 2.5 acres. There is a mix of eighteen two-bedroom/one bath units and one three-bedroom/one-bath unit. Units feature private parking, private backyards and some screened patios and washer/dryer connections.
“This offering, as with others we have sold recently, commanded interest from multiple investors and a competitive bidding situation which helped the seller secure a contract,” says Baez. “The property closed at 98 percent of the asking price after only a two-week marketing process. Traditionally, real estate has not been a liquid asset, but right now we are finding that investment real estate in general, and multifamily in particular, is very liquid which is good if you are thinking about selling,” continues Baez.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.