TAMPA, FLA., November 26, 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 The Eusonian Apartments, a 14-unit apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.
Cameron Barbas, associate, Michael P. Regan and Francesco P. Carriera, vice presidents investments in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
The Eusonian Apartments were built in 1974 and are located at 610 West Horatio Street in Tampa, Florida. The property is situated on approximately 0.24 acres of land and consists of five studios with 336 rentable square feet and nine, one-bedroom/one-bathroom units with a range of 336 to 547 rentable square feet. Since 2011, approximately $209,000 of capital improvements have been made to the property.
“This property closed at full list price within 69 days of the initial day of marketing for this Hyde Park asset, and we received multiple offers from both local and out-of-area investors,” says Barbas. “The Eusonian Apartments sold at $234 per square foot, due to the pristine interior and exterior upgrades the seller had made to the property. These upgrades allowed current rents to reach nearly $2.50 per square foot for the studio and one-bedroom units.”
“This sale represents the highest price per square foot transaction for a small apartment in the Hyde Park sub-market since the downturn,” concludes Barbas.
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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