TAMPA, FLA., Mar 4, 14, 9:23 AM – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of the University Portfolio, a 48-unit garden-style apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $875,000.
Michael Donaldson and Nicholas Meoli, senior associates in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a financial institution in Boca Raton. Donaldson and Meoli also procured the buyer of the property, a private investor based in Canada.
The University Portfolio consists of three, garden-style apartment complexes located within a mile of each other in the University submarket of Tampa and situated approximately a mile from the University of South Florida. The unit mix of the portfolio consists of entirely two-bedroom and one-bathroom units, ranging from approximately 660 to 918 rentable square feet.
“The University Portfolio was a collection of three bank-owned communities totaling 48 units with substantial value-add potential due to high vacancy,” says Donaldson. “While this theme was common in the downturn of the market, today, these offerings are few and far between and with the sheer number of investors looking for this type of opportunity, competition often drives “distressed” property values much higher than previous markets.” “Through a strategic and extensive marketing campaign reaching local, domestic and international buyers, we were able to generate 12 offers on the property.” “Ultimately, we closed with a foreign based buyer in Canada who plans to renovate and stabilize the community,” concludes Meoli.
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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.