TAMPA, Fla., October 25, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Davis Island Portfolio, a 16-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $750,000 which was $50,000 above the asking price.
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, represented on the seller, a private investor based in Mississippi. Babb and Baez also represented the buyer of the property, a local private investor,
The Davis Island Portfolio was built in approximately 1925 and is located at 38, 40 and 42 Davis Boulevard in Tampa, Fla. The property consists of three buildings and 16 residential units with 150 feet of frontage on Davis Boulevard and is located 0.12 miles south of Tampa General Hospital, the primary employment center on ‘The Island’.
“The Davis Island Portfolio offering was well received by the marketplace in spite of the troubling new flood insurance rates, which were dictating approximately $1,250 per unit for flood coverage alone,” says Babb. “Although we were forced to market the property on an all-cash basis, we were still able to generate 10 offers in less than a week and negotiated for the seller, a no contingencies contract at $50,000 above the asking price with a significant non-refundable deposit and a 10-day closing. Given that our client was in a 1031 exchange, he enjoyed the liquidity and hassle-free transaction we were able to deliver,” adds 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.