TAMPA, Fla., August 1, 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 Serenity Apartments at Royalty Court, a 150-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $8,150,000 sales price equates to $54,334 per unit.
Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office, Andrew Daitch and Paul Davis, senior vice presidents investments along with Edward Lippincott, associate vice president investments in the firm’s Detroit office, represented both parties in the transaction.
Serenity Apartments at Royalty Court is located at 3606 Royalty Court in Tampa, Florida. The property consists of 19 two-story residential buildings and an additional building that serves as a leasing office. The residential buildings are comprised of 36 one-bedroom/one-bathroom units, 80 two-bedroom/one-bathroom units and 34 three-bedroom/one-bathroom units. All units have central heating and air-conditioning and the buildings are situated on approximately 7.7 acres of land. Amenities include an on-site laundry facility as well as a playground.
“Serenity Apartments at Royalty Court represents a stable property with an add value play through the continued renovation of units and adding amenities throughout the property,” says Regan. “The immediate submarket is highly sought-after and should respond favorably to the improvements.”
# # #
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