HUDSON, FLA., March 19, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Town Homes at Sea Pines, a 150-unit apartment community located in Hudson, Fla, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,650,000.
Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a private investor located in St. Petersburg, Fla. The listing agents also procured the buyer of the property, a private investor based in Montreal, Quebec.
Town Homes at Sea Pines is located at 15902 Spyglass Terrace in Hudson, Fla. The properties are all situated on approximately a 17.90 acre parcel of land and consist of spacious two and three/bedroom floor plans, built in three phases. The first phase was built in 1985 and consists of 34 two-bedroom/two-bathroom units. The second phase was built in 2004 and consists of 50 two-bedroom/two-bathroom units with a second floor loft. The most recent phase was completed in 2007 and consists of 66 three bedroom/two-bathroom units with a bonus room on the first floor.
“The buying entity is an investment company from Canada who has a significant presence in the United States; however, this is their first acquisition in the Tampa Bay area,” says Carriera. “Although trailing financials were not the strongest, they viewed this as a value-add opportunity, as the net effective rent was about $200 below market. Additionally, this presented an opportunity for the investor to purchase new construction for $38 per square foot, which is well below its replacement cost,” concludes Carriera.
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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.