TAMPA, FLA., October 21, 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 West Bay Apartments, an 11-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $625,000.
Ari Ravi, associate, and Casey Babb, a CCIM and vice president investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
West Bay Apartments is a “turn-of-the-century,” early 1900s vintage converted apartment community located at 705 West Bay Street in South Tampa’s Hyde Park submarket, which is one of the most desirable in the Tampa Bay region.
The property consists of four studio apartments and seven, one-bedroom/one-bathroom apartments of varying sizes. Tenants enjoy off-street parking and access to the laundry facility at a neighboring property. This high barriers-to-entry submarket is a haven for young professionals, and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District. There are also plenty of shopping, dining and entertainment destinations along South Howard Avenue and Bayshore Boulevard.
“West Bay was a value-add offering located in a Class A, Hyde Park (South Tampa) location,” says Ravi. “The buyer, through our in-house mortgage brokerage division, was able to secure acquisition financing, plus an additional $100,000 for immediate repairs which should allow him to improve the overall appearance, upgrade the units and in turn raise the rents,” concludes Ravi.
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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