TAMPA, FLA., March 31, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Eden Court Apartments, a 28-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,245,000.
Francesco Carriera and Michael Regan, vice presidents investments and Joshua Teplitzky, investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Connecticut. The listing agents also procured the buyer of the property a private investor from Delray Beach, Florida.
Eden Court Apartments was built in 1973 and is located at 3712 West Cass Street in Tampa, Fla. The property consists of two, two-story buildings comprising of 28, one-bedroom/one-bathroom units with 700 rentable square feet. The buildings were repainted and approximately 10 air-conditioning units were replaced. The interiors of 26 out of 28 units were completely renovated.
“We generated ten offers throughout the marketing process and received a large amount of interest from local South Tampa investors,” says Teplitzky. “The two highest bidders were from South Florida and Canada.”
“The availability of attractive financing really drove the top bidders over several strong cash offers,” concludes Teplitzky.
# # #
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.