TAMPA, FLA., December 4, 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 Annie Apartments, a 36-unit garden-style apartment property located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,020,000.
Jason Hague, investment associate, Michael Donaldson, vice president investments, and Nicholas Meoli, senior investment associate all in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Annie Apartments is located at 902 East Annie Street in Tampa, Fla. Built in 1983, the complex is situated on approximately a one-acre lot consisting of nine, two-story buildings constructed of concrete block. The community is comprised of all two-bedroom/one-bathroom units which are approximately 850 rentable square feet.
Amenities of the property include private patios or porches, central air conditioning and washer and dryer connections in all the units. The roofs were also replaced on every building around two years ago.
“By emphasizing the major upside potential of this property, our team was able to bring ten offers to the seller from a multitude of different local and out of area buyers,” said Hague. “The seller decided to move forward with an all cash investor from South Florida who was able to close within 30 days of the contract date.”
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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