BRANDON, FLA., September 14, 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 47 units within The Hamptons at Brandon, an apartment community located in Brandon, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,050,000.
Casey Babb, CCIM and vice president investments, Luis Baez, senior associate, and Armando Rodriguez, associate, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a private investor, was secured and represented by Casey Babb, CCIM and Luis Baez.
The Hamptons at Brandon is a 1980s vintage condominium community located at 609 Golden Raintree Place in Brandon, Florida. The sale included 47 of 204 units that have been operating as rentals for the past nine years. The units are spread throughout the community which consists of 23 two-story buildings and two common area buildings housing the office, a clubhouse, laundry facilities and swimming pool areas. The units feature large, open floor plans, private patios, fully equipped kitchens with dishwashers and wash/dryer connections in roughly half of the units.
“The Hamptons at Brandon was a difficult transaction since it was a bulk-condo sale of a non-controlling interest and a short-sale,” says Baez. “Our marketing campaign produced five offers including some with no contingencies, and by forming a market for the asset we were able to work with the lender to reach a workable settlement and help our client get out of the deal.”
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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