TAMPA, FLA., September 30, 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 Liv @ South Dale Mabry, a 48-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $2,500,000.
Joshua Teplitzky, associate, Cameron Barbas, associate, Michael P. Regan, vice president investment, and Francesco P. Carriera, vice president investment, 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 Teplitzky, Barbas, Regan and Carriera.
Liv @ South Dale Mabry is located within the South Tampa submarket at 3729 West Tyson Avenue, which is in close proximity to the Westshore and Gateway business districts. The property consists of three, two-story buildings comprised of 36 one-bedroom/one-bathroom units with 575 rentable square feet and 12 two-bedroom/one-bathroom units with 791 rentable square feet. The buildings were constructed in 1985 and sit on a 1.35 acre parcel of land. Amenities include an on-site laundry facility, barbecue/picnic area and a newly renovated swimming pool and courtyard.
“This property is located just south of Gandy Boulevard off South Dale Mabry Highway. We have seen a positive demographic shift in this market as some renters are getting priced out of the Hyde Park and South Howard submarkets,” says Teplitzky.
“This progressive trend has led to increased rents and rapidly improving property values in the immediate submarket of the subject property, which recently received $400,000 in capital improvements and has sold three times since 2012” adds Barbas.
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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