TAMPA, FLA., December 3, 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 Oaks at Bayshore, a 48-unit apartment building located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $5,500,000.
Cameron Barbas, associate, Michael P. Regan, first vice president investments, and Francesco P. Carriera, vice president investments, 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 limited liability company, was secured and represented by Cameron Barbas, Francesco Carriera and Michael Regan.
“Via the 450+ South Tampa units we have closed in the last 12 months, we’ve began to see a movement of renters and principals towards the area south of Gandy Boulevard in the South Tampa submarket,” said Barbas. “We generated multiple offers from local and out-of-area investors, and closed the asset at approximately a 5.5 percent capitalization rate. It was a very competitive environment and is the highest price per unit transaction in the area for sales over 20 units.”
The Oaks at Bayshore is located in South Tampa on the beautiful Bayshore Boulevard at the cross street of Interbay Boulevard and is 0.6 miles south of Gandy Boulevard. The property is situated on a 1.87 acre parcel, and consists of one, two-story multifamily building with 33,600 rentable square feet. The units are comprised of 24 one-bedroom/one-bathroom units with approximately 600 rentable square feet and 25 two-bedroom/one-bathroom units with approximately 800 rentable square feet. The interior of every unit consists of condominium grade finishes, which includes new cabinets, granite countertops and new appliances.
“The condominium grade interiors of the Oaks at Bayshore are achieving $1,050 for their two-bedroom units and $825 for their one-bedroom units. There is room to drive up these rents based on comparables in the area that are renting at higher rates with inferior amenities,” Barbas says. “The rents are increasing to a point that they are drafting just below the rents in the Hyde Park, Channelside and downtown submarkets, which are the highest rental areas in the Tampa Bay MSA. Owners are achieving these higher rents due to the close proximity to Bayshore Boulevard, the Lee Roy Selmon Crosstown Expressway, Gandy Bridge and Dale Mabry Highway, which all provide residents with the ability to access all of the major business hubs in the Tampa Bay MSA.”
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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