TAMPA, Fla., October 29, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Temple Acres Portfolio, a 124-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,675,000.
Casey Babb, a CCIM and senior multifamily specialist, and Luis Baez, associate in Marcus & Millichap’s Tampa office, represented the seller, a local private investor. Babb and Baez also represented the buyer of the property, a foreign private investor based in Montreal, Canada.
The Temple Acres Portfolio is located at 10400 Davis Road, 8726 Springtree Lane and 8700 Copeland Road in Tampa, Florida. This is a 1970s garden apartment portfolio consisting of three communities located within a half-mile radius of one another in east Tampa, near Temple Terrace. They are housed in single-story duplex buildings with concrete block exterior walls and pitched shingle roofs. Units feature private entrances, functional floor plans, fully appointed kitchens and baths, individual air-conditioning and either country water and sewer, or septic water and sewer.
All three properties feature large, open green space, mature oak trees and a quiet, residential neighborhood setting.
“The Temple Acres sale was a challenge since the units were 1970s vintage and in three separate locations,” says Babb. “We offered above average yield and were able to generate nine offers during our marketing campaign,” continues Babb. “The seller was a local doctor who had owned the property for nearly 15 years and this is the Canadian buyer’s first acquisition in the Tampa Bay area.”
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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.