TAMPA, FLA., November 19, 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 Flamingo West Apartments, a 72-unit apartment community located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,500,000.
Luis Baez, senior associate and Casey Babb, a CCIM and vice president investments, in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Flamingo West Apartments is a 1970s vintage, Class “B” garden apartment community located at 3738 West Idlewild Circle in Tampa, Florida.
The community consists of two-story concrete block buildings with built-up flat roofs clustered around central courtyard areas. Units are 90 percent two-bedroom/one-bath or larger and average 872 square feet. Units are accessed from exterior breezeway corridors and feature fully-equipped kitchens with dishwashers, large open floor plans, tile floors in the living areas, private balconies and fenced-in backyards, washer-dryer connections in select units and updated kitchens and bath.
Community amenities include an on-site leasing center, large laundry facility, swimming pool and sundeck, interior courtyard areas and a playground.
“This transaction was equally, frustrating, challenging and rewarding,” says Babb. “The frustrating part was that the sale took 19 months to complete. It was a major challenge to make a deal at an aggressive price point given the sub-par operating performance and physical issues, which included bad roofs and a lot of other deferred maintenance,” continues Babb.
“The rewarding part was that the buyer was able to secure preservation tax-credits which are highly competitive and is positioned to embark very soon on a $3 million rehab job. This will add another 30 to 50 years of useful life to the property and will provide the residents with a better place to live.”
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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