TAMPA, FLA., August 7, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 2317 West Texas Avenue and 1403 South Bay Villa Place, a two-property portfolio totaling eight units located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $788,000.
Casey Babb, a CCIM and senior multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the local seller a private investor and the buyer, a limited liability company.
The properties were built in 1926 and consist of two-bedroom/one-bath units averaging just over 1,000 square feet. The West Texas building had received over $200,000 worth of renovations in 2006 in advance of a failed condo conversion and rents today averaged close to $1,200 per month. The incoming buyer is planning to duplicate the renovation on the South Bay Villa building and also add a common area courtyard with lush tropical landscaping and a fountain.
Casey Babb, CCIM brokered the sale on an off-market basis and commented that…“investor demand for well-located apartment assets is at an all-time high right now and we’re seeing record pricing in the marketplace. This property was sold without the benefit of a formal listing and we generated multiple offers after showing it to only a handful of our closest clients. The buyer purchased the building all-cash and closed in under 30 days of contract.”
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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.