TAMPA, FLA., August 11, 2015 – 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 Parkview Apartments, a 100-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,625,000.
Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by David Greenberg, vice president investments, and David Altman, associate, in the firm’s Fort Lauderdale office.
Parkview Apartments, a 1960s vintage garden community, is located at 10905 Bourbon Court in Tampa’s University submarket, which is in close proximity to major demand drivers and less than ten miles from both downtown Tampa and the Westshore business district, the region’s two largest employment centers. The community consists of two-story buildings surrounding common green space areas and a community swimming pool. Units consist of 24 one-bedroom/one-bath at 700 square feet, 56 two-bedroom/one-and-one-half-bath at 1,100 square feet and 20 three-bedroom/two-bath at 1,300 square feet. Each unit features a fully- equipped kitchen with a dishwasher and garbage disposal, large open floor plan, tile flooring and private balconies in select units.
“Parkview was an ideal purchase for the client who was exchanging from an apartment investment property in Texas and in pursuit of a reposition, value-add opportunity,” says Baez. “Generating 11 offers during our marketing campaign and ultimately selling above the list price, this sale was a testament of the continued high demand from investors looking for vintage reposition opportunities,” Baez added.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 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 7,600 transactions in 2014 with a value of approximately $33.1 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