TAMPA, FL, May 19, 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 Bungalow City Apartments, a 10-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,000,000.
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 limited liability company. The buyer, a limited liability company, was secured and represented by Shawn Rupp, Casey Babb and Luis Baez.
“We have been advising the owner of Bungalow City on a strategic business plan for several years, which has allowed her to increase the value of her property by well over 30 percent in 2016 alone,” says Rupp.
Bungalow City Apartments is a two-property apartment community located at 304 South New Jersey Avenue in the South Tampa submarket of Tampa, Florida. Built in 1948 and 1951, both buildings feature the charm and character typical for buildings from this historically rich construction era. The two-story, garden style apartment building consists of four, one-bedroom/one-bathroom apartments and four studio apartments. These units average approximately 400 square feet. The duplex consists of two, two-bedroom/one-bathroom units, which average approximately 1,029 square feet. Bungalow City Apartments sit on a spacious one-third acre site with plenty of green space and off-site parking.
“The new purchaser will be performing strategic upgrades to both the common areas and buildings which will allow them to further increase rents and add even more value to their purchase in this Class A submarket,” Rupp concluded.
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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