TAMPA, FLA., September 15, 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 Hyde Park Apartment Portfolio, a 36-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,125,000.
Cameron Barbas, associate, Michael P. Regan, vice president investments, Francesco P. Carriera, vice president investments, Casey Babb, CCIM and vice president investments, and Ari Ravi, 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, a private investor, was secured and represented by Babb, Barbas, Carriera, Regan and Ravi.
Hyde Park Apartment Portfolio consists of three assets located within the class “A+” Hyde Park and South Tampa submarkets. The Rome and Dekle properties are 1920s vintage communities located within a few blocks of each other within the Historic Hyde Park submarket at 916 South Rome Avenue and 2001 West Dekle Avenue. The property located on De Leon is a 1960s vintage community just west of Memorial Hospital at 3318 West De Leon Street in the Palma Ceia Gardens neighborhood. The portfolio is made up of one studio, 30 one-bedroom/one-bathroom and five two-bedroom/two-bathroom units ranging from 375 rentable square feet up to 1,025 rentable square feet.
This portfolio was previously unsuccessfully listed by a local firm for six months and expired prior to the seller deciding to exclusively list the property with Marcus & Millichap. Once the property was exclusively listed with us, we were able to utilize our national marketing platform to drive interest and multiple offers from local, national and international buyers. This ensured the highest value for the seller on a portfolio that was comprised of approximately 83 percent one-bedroom floor plans. The buyer pool continues to understand the appreciation of property values in Hyde Park, as well as the future growth in rent.
At the time of sale, the asset was operating at below market rents for its non-renovated units. The new buyer saw value in placing additional capital into upgrading the interior of the units and exterior of the buildings to increase rents anywhere from $100-$200 per respective floor plans. The downtown development, job growth throughout the Tampa markets and continued push to improve roadways and infrastructure has continued to bring sophisticated national and international buyers into the Tampa marketplace.
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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