TAMPA, FLA., 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 Palma Ceia Palms, a 12-unit apartment building located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,750,000.
Casey Babb, CCIM and vice president investments, Luis Baez, senior associate, and Shawn Rupp, 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 Casey Babb, Luis Baez and Shawn Rupp.
Palma Ceia Palms is located at 3321 West De Leon Street in the Class “A” Palma Ceia Gardens submarket of South Tampa. It was originally built in 1984 and rehabbed extensively over the past three years. The community consists of twelve, two-bedroom/one-bathroom apartment homes which average 900 square feet and feature semi-private entrances, laminate wood, ceramic tile and berber carpet floor coverings, new white and black kitchens with modern appliances, nine foot ceilings, stackable washer and dryers, private patios (select units) and central HVAC. The Palma Ceia Gardens location is one of the strongest rental submarkets in the entire Tampa Bay region. This centrally located submarket is a haven for young professionals and early families due to its walkability, safety and favorable school districts. It also offers ease of access to major employment centers in the Westshore Business District and downtown Tampa.
“The Palma Ceia and Hyde Park markets of Tampa are experiencing unprecedented rent growth, which is attracting the attention of investors both locally and nationally,” says Rupp. “This has created an unique opportunity for sellers to take historically high profits while allowing new owners room to add value in one of Florida’s strongest rental markets. This property is just one of many examples where our team has been able to achieve top-of-the-market pricing for our seller while providing a new owner a solid business plan to achieve double digit cash-on-cash returns.”
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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