SOUTH PASADENA, 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 Liv @ Boca Ciega, a 50-unit apartment property located in South Pasadena, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The $6.0 million sales price equates to $120,000 per unit.
Casey Babb, a CCIM and vice president investments, and Luis Baez, a senior associate, in Marcus & Millichap’s Tampa office, represented both parties in the transaction.
Liv @ Boca Ciega is located at 1824 Shore Drive South in South Pasadena, Fla. This is a Class “B” waterfront apartment community built in 1972 but extensively rehabbed between 2013 and 2014. The property was originally designed by famed local architect, William B. Harvard Sr. and has been completely repositioned within the past year with approximately $900,000 in renovations to modernize and improve the overall aesthetic of the community.
The property consists of six, two and three-story buildings on approximately 1.64 acres of land which backs up to Boca Ciega Bay and provides 12 units with panoramic water views.
“Given that this is a waterfront property with concrete block construction, the sale price was actually below replacement cost, in our opinion,” said Babb. “In addition, the property recently received a major capital infusion to modernize the unit interiors, property exteriors and common area amenities which in turn, has caused rents to trend on a nice upward trajectory,” adds Babb. “The buyer, to their credit, recognized the opportunity and should do very well given that they are a long-term holder.”
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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