TAMPA, FLA., January 14, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Bay Villa Place, a four-unit garden apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $435,000.
Casey Babb, a CCIM and senior multifamily specialist and Ari Ravi, associate in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor based in Maryland. Babb and Ravi also procured and represented the buyer, a private investor from Tampa.
Bay Villa Place was built in 1926 and is located at 1403 South Bay Villa Place in Tampa, Fla.
This is a newly renovated, Class “B” historic garden apartment community located in South Tampa’s Hyde Park/SoHo submarket. Originally built in the 1920s, the property consists of four, two-bedroom/one-bath apartment homes with hardwood floors. Recent updates to the building include new exterior paint, new window framing, hardscaped flower beds and an updated kitchen.
“Hyde Park in South Tampa is a very desirable submarket for rental apartments and we were able to generate five offers in less than a week and went under contract with multiple backups,” says Ravi. “The buyer paid all cash and the transaction closed within 30 days.”
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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.