TAMPA, FL, March 18, 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 Terrace Square Apartments, a 25-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,190,000.
Casey Babb, CCIM and vice president investments, and Luis Baez, senior associate, both 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 Adam Podbelski, associate, Michael Donaldson, vice president investments, and Nicholas Meoli, vice president investments, all in firm’s Tampa office.
Terrace Square Apartments is a 25-unit, garden community located at 12211 North 59th Street in Tampa, Florida between the University of South Florida and Temple Terrace. The property consists of 10 single story buildings with 13 two-bedroom/one-bathroom units averaging 762 square feet, 11 two-bedroom/one-bathroom units averaging 687 square feet and one, three-bedroom/one-bathroom unit with 1,200 square feet. Units feature semi-private entrances and patios with the majority featuring updated kitchens, bathrooms and tile floor throughout.
“In collaboration with another team within our office we were able to drive value to the seller by delivering maximum pricing for the property achieving a sale at 99 percent of the list price,” says Baez. “Further, financing for the buyer was sourced through our internal Marcus & Millichap Capital Corporation allowing us to efficiently navigate all the moving parts to a successful closing.”
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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