TAMPA, FL, April 28, 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 Paramount Apartments, a six-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $645,000.
Shawn Rupp, associate, Luis Baez, senior associate, and Casey Babb, CCIM and 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 Shawn Rupp, Casey Babb and Luis Baez.
Paramount Apartments is a Class “B” apartment community located in the Class “A” Palma Ceia submarket of south Tampa at 2914 West Estrella Street. Originally built in the 1956, this community consists of six, one-bedroom/one-bath apartment homes which average 763 square feet and feature hardwood floors, nine foot ceilings, on-site laundry and off-street parking. The units are housed in a two-story, garden apartment building with stucco exteriors and a flat roof. The seller has owned the property for 37 years and has maintained high occupancy and a quality tenant mix throughout his ownership.
“Our team originally did an analysis for the seller in August of 2013, and advised him on an array of initiatives including changing management and making other strategic improvements to help him raise rents,” says Rupp. “ After implementing our suggestions, the seller was able to achieve a sale price of 50 percent higher than our 2013 valuation, and was still able to leave room for the incoming buyer to execute on their own business plan.”
# # #
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