TAMPA, Fla., October 2, 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 Temple Terrace Townhomes, a 24-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.
Adam Podbelski, associate, Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate, all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Temple Terrace Townhomes is located at 10212 North Ojus Drive in Tampa, Florida. Built in 1980, the complex consists of 12 two-story duplexes constructed of concrete block on the first floor and wood frame on the second floor. The property is comprised in total of 24, two-bedroom/one-bath townhome units with approximately 848 rentable square feet. Sitting collectively on approximately 0.84 acres, eight of the duplexes are individually parceled, while the remaining four are contained on two parcels. The buildings boast private patios/porches for each unit. Additional amenities include central air-conditioning and washer and dryer connections in all units.
“This asset offered significant upside through both management efficiency and rental increases,” says Podbelski. “Coupled with its desirable location in the University submarket of Tampa, we were able to generate substantial interest from both local and out-of-area buyers, ultimately allowing us to close within 60 days of the executed contract.”
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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