TAMPA, FL, April 14, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 2002 Armenia Apartments, a 12-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $505,000.
James Vestal, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a local private investor. Vestal also procured the buyer of the property, a private investor from Orlando.
Built in 1974, Armenia Apartments are located in the up and coming “Old West” Tampa neighborhood at 2002 North Armenia Avenue in Tampa, Florida. The property is situated on 0.44 acres and consists of 12 two-bedroom/one-bathroom apartments that are approximately 800 square feet.
“Old West Tampa is a great example of the reviving neighborhoods that sit adjacent to SOHO and Hyde Park,” says Vestal. “We will continue to see a large demand for multifamily properties as those neighborhoods recover and thrive.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com