TAMPA, FL, April 15, 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 Westshore Gardens, a 14-unit multifamily community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,200,000.
Joshua Teplitzky, senior associate, 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 private investor, was secured and represented by Cameron Barbas, Joshua Teplitzky, Francesco Carriera and Michael Regan.
Westshore Gardens is a 14-unit multifamily community located at 4201 West North A Street in Tampa, Florida. As one of the few remaining prohibition ear buildings left in the Westshore Palms District, the property consists of one, two-story residential building. The building is comprised of 14, two-bedroom/one-bathroom units with 750-900 rentable square feet. The interior of the units were upgraded with hardwood flooring, marble countertops, stainless steel appliances and modern light fixtures. The building was repainted and the majority of the individual air-conditioning units were replaced.
“This property is well located with great visibility off Lois Avenue and North A Street in the Westshore Business District,” says Teplitzky. “The property was substantially renovated in the last two years and was very recently at 100 percent occupancy,” added Barbas.
“The buyer was a first time multifamily investor out of New York and was in a 1031 exchange,” Barbas said. “Through the generation of multiple offers and the high demand for multifamily in prime locations we were able to close the deal in seven business days from execution of the purchase agreement,” concluded Teplitzky.
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing 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 8,700 transactions in 2015 with a value of approximately $37.8 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