TAMPA, Fla., May 9, 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 Capri Manor Apartments, a 16-unit apartment complex located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $725,000.
Francesco P. Carriera and Michael P. Regan, both vice presidents investments and Joshua Teplitzky, investment specialist all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Built in 1972 through 2005, and located at 9604 Davis Road in Tampa, Fla., Capri Manor Apartments consists of eight, one-story buildings. The buildings feature 16 two-bedroom/one-bathroom units ranging between 800 and 950 rentable square feet. The property sits on a spacious 2.09 acre site and four of the units have central heat and air-conditioning. Amenities include washer and dryer connections in all units. Capri Manor Apartments is located within five miles of the University of South Florida, Bush Gardens and Adventure Island.
“This property is a duplex community and was a lucrative acquisition for the buyer due to the 2005 vintage of several of the buildings,” says Teplitzky. “The previous owner managed the property since the early 1970’s and leased several units at the top end of the rental range in the surrounding area.”
“The current spread between interest rates and cap rates also helped drive the sales price in this transaction” concludes Teplitzky.
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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