TAMPA, Fla., September 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 Columbia Park Apartments, a 24-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $1,325,000 sales price equates to $55,208 per unit.
Michael Donaldson, vice president investments and Nicholas Meoli, senior associate in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Columbia Park Apartments are located at 14309 North 18th Street in Tampa, Fla. Built in 2004, the buildings are constructed of concrete block with a stucco exterior and are situated on approximately 2.36 acres of land. The property consists of three, two-story residential buildings comprised of entirely three-bedroom/two-bathroom units with 1,040 rentable square feet. Interior amenities include full-size washer and dryer connections in all units, patios/balconies, spacious floor plans, ceiling fans in living rooms and fully equipped kitchens.
“Bringing an REO foreclosure sale to market in 2014 is not what it used to be several years ago,” voices Michael Donaldson. “This property garnered so much interest from the local, national and international markets that our tour days were completely booked with upwards of several hundred inquiries into the property” adds Donaldson.
“Part of the appeal of the property was that it was a 2004 concrete block construction and the unit mix was comprised of entirely three-bedroom floor plans, making this a rare find in a property of this size,” says Nicholas Meoli. “Through our extensive marketing campaign in conjunction with Auction.com, we were able to close on the asset with an out-of-state cash buyer who was attracted to the positive property attributes and proximity to USF and the surrounding hospitals,” concludes Meoli.
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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