TAMPA, FLA., August 18, 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 the De Leon & Azeele Portfolio, a 26-unit apartment portfolio located in Tampa, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,300,000.
Francesco P. Carriera and Michael P. Regan, both vice president investments, and Cameron Barbas, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Cameron Barbas, Michael P. Regan and Francesco P. Carriera.
The properties included in this portfolio are located at 611 West De Leon Street, 801 West Azeele Street and 3012 West De Leon Street in the highly desirable Hyde Park and South Tampa submarkets of Tampa, Florida. They are within walking distance of downtown Tampa, the University of Tampa, Hyde Park Village and South Howard Avenue. The portfolio consists of three, two-story buildings which are comprised of four, one-bedroom/one-bathroom units ranging from 550 to 625 rentable square feet; five, one-bedroom/one-bathroom units with a den ranging from 600 to 900 rentable square feet; 15 two-bedroom/one-bathroom units ranging from 850 to 1,000 rentable square feet and two, two-bedroom/two-bathroom units with a den ranging from 1,200 to 1,300 rentable square feet.
“We effectively drove multiple offers from local and out of area owners in the first weeks of marketing, and the property was ultimately purchased by an out of area buyer,” says Barbas. “Our ability to cultivate competition for this Hyde Park asset allowed us to truly maximize the seller’s net proceeds. The 26 units, which have not been renovated, were achieving top of the market rents leading to a market high price per unit of over $126,000 for this 1920s and 1960s asset.”
“The Carriera Regan team has listed, closed or put over 440 units under contract in the South Tampa and Hyde Park submarkets since November of 2014,” Barbas adds. “This high volume of transactions speaks to the demand from local, national and international buyers that this submarket is a place to put their capital.”
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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