TAMPA, FL, July 11, 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 Puritan Place, a 232-unit, garden-style apartment property, located in Tampa, FL. The asset sold for $7,556,000.
Evan P. Kristol, a senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, an associate vice president investments, and Nicholas Meoli, a senior associate, in the Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Lafayette, LA. The agents also secured the buyer, a private investor from Pembroke Pines, FL.
“This deal is a testament to investors’ appetites for stabilized buildings in areas with solid demand drivers. Puritan Place is centrally located in Hillsborough County in close proximity to the area’s retail destinations and primary employment centers. The property’s strategic location creates both a convenient and practical home for residents, and provided the buyer with a value-add opportunity priced well below replacement cost,” says Donaldson.
Puritan Place consists of 32 two-story buildings, which are comprised of eight studio apartments, 120 one-bedroom units, 64 two-bedroom units, 16 two-bedroom/two bath townhomes and 24 three-bedroom units. The community also includes two swimming pools, four laundry facilities, ample parking and a stand-alone rental office.
Situated just blocks south of the Hillsborough River at the Puritan Road and North 56th Street intersection, the property is located at 7903 Holly Lea Court in Tampa, FL.
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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