TAMPA, FL, May 5, 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 Tampa Villas, a 34-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,685,000.
Ned Roberts, associate, Michael Donaldson, vice president investments, and Nicholas Meoli, vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Ned Roberts, Michael Donaldson and Nicholas Meoli.
Tampa Villas is a 34-unit, garden-style community located at 5901 Bryce Lane in Tampa, Florida. The property is positioned on Bryce Lane, just off Sheldon Road, a half-mile north of the Hillsborough Avenue, Memorial Highway and Sheldon Road intersection, which has a combined traffic count of 128,000 vehicles per day. Tampa Villas is comprised of five, one-story residential buildings situated on an approximately 1.78 acre site. The property offers three open floor plans consisting of nine studio units with 286 rentable square feet, 24 one-bedroom/one-bathroom units with 576 rentable square feet and one, two-bedroom/one-bathroom unit with 864 rentable square feet. Many units have been remodeled with re-faced cabinetry and new appliances.
“We leveraged the strength of our team’s multi-faceted marketing approach to source a buyer who is new to the Tampa Bay market, and paid cash for the deal,” said Roberts.
“We generated 100 registered buyers and sold the asset for more than 96 percent of asking price, further solidifying the current market’s continued demand for Tampa Bay apartment communities,” added Donaldson.
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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