TAMPA, FL, February 29, 2016 – 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 Bay Vista Apartments, an eight-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.
Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first 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 fund manager, was secured and represented by Cameron Barbas, Michael P. Regan and Francesco P. Carriera.
Bay Vista Apartments is exceptionally located at 2918 West Bay Vista Avenue in the Bayshore Beautiful submarket of South Tampa, and just one-half block from Bayshore Boulevard. The eight-unit multifamily property consists of two, two-story buildings, which are comprised of six, one-bedroom/one-bathroom units with 900 rentable square feet and two, two-bedroom/one-bathroom units with 900 rentable square feet. Amenities include an on-site laundry facility and off-street parking, and the property sits on 0.24 acres.
“The upgraded units at Bay Vista Apartments were renting at higher rates than any other 1920s vintage asset that close to Gandy Boulevard. The high rental rates are continuing to expand south from Tampa’s Urban Core,” says Barbas.
“Bay Vista Apartments was on the market for a total of 16 business days before going to contract, and we generated more than 10 showings and six offers within that period,” Barbas said. “The listing was cultivated over a long relationship before the seller was interested in selling. Relationships like these allow us to help sellers increase value at the time of sale. We are also able to help owners increase cash flow during their holding period and provide them with market information that allows them to make the most informed decision possible.”
“Frank, Mike and I have now listed and/or closed nearly 650 units in South Tampa, and that number continues to grow. We are seeing local, national and international buyers submitting offers on these assets. The mayor and city have done a phenomenal job positioning the city for growth, and it’s reflected by the residents that are continuing to move to South Tampa and the investors that are upgrading these buildings for them,” concludes Barbas.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 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