TAMPA, FL, March 1, 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 San Juan Villas, an eight-unit multifamily property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.
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 Regan and Francesco Carriera.
San Juan Villas is an eight-unit multifamily property located at 3311 West San Juan Street in the highly desirable South Tampa submarket and is within walking distance to the beautiful Bayshore Boulevard. It is located in a pocket of South Tampa that has seen a strong increase in walkability due to new restaurants and bars. The property consists of two, two-story residential buildings sitting on approximately 0.23 acres. The buildings are comprised of four, one-bedroom/one-bathroom units with 535 rentable square feet and four, one-bedroom/one-bathroom units with 540 rentable square feet. These one-bedroom apartments were renting for two dollars per square foot. Amenities include an on-site laundry facility, private patios, car port parking and off-street parking.
“San Juan Villas 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,” says Barbas. “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 and increase cash flow during their holding period.”
“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, and rents at two dollars and above per square foot are becoming consistent in South Tampa,” Barbas said. “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.”
# # #
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