TAMPA, Fla., July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Monaco Villas, a 106-unit vintage apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $1,750,000 sales price equates to $16,509 per unit.
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an Ohio-based partnership. The buyer, a private investor based in Canada, represented itself internally.
Monaco Villas was built in the 1970s and is located at 14323 Lucerne Drive in the university submarket of north Tampa, Florida.
This gated community has a mix of one- and two-bedroom townhomes and flats, situated on a 5.53-acre rectangular site. Area amenities include an on-site leasing office, a swimming pool, laundry center and tennis court. Also included in the offering is a 1.0 acre parcel at 1501 Skipper Road, which currently services a landscaping business.
“Monaco Villas suffered from low occupancy and was only 18 percent at the time of sale,” said Babb in a statement. “However, the investor market viewed this as an opportunity, as evidenced by the 16 written offers we received.
“The buyer pledged a six-figure, non-refundable deposit and closed within 30 days of signing the contract. Distressed multifamily opportunities are few and far between but remain one of the most attractive for most investors,” concludes Babb.
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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.