TAMPA, FL, May 23, 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 Haciendas de Ybor, a 99-unit Project-Based Senior Section 8 apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.
Luis Baez, senior associate, and Casey Babb, CCIM and vice president investments, 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 Luis Baez and Casey Babb.
“Haciendas de Ybor was a highly sought offering considering its desirable urban location near downtown Tampa coupled with the fact that it had a 20-year senior HAP contract in place with 19 years remaining,” says Babb.
“Within a short period of time, our marketing campaign generated nine written offers resulting in a sale at 100 percent of the list price. The buyer in turn was able to acquire a fully stabilized asset with a safe and reliable income stream in place for years to come,” Baez concluded.
Haciendas de Ybor is located at 1510 East Palm Avenue in the Ybor City submarket of Tampa, near the Tampa Central Business District. The property was originally developed in 1970 under the HUD 236 program and has provided affordable housing for seniors age 62 and over since inception. There are two, two-story, elevator-served apartment buildings are on an approximately 3.15 acre site which features a mature oak tree canopy across the property. The buildings house 99 apartment homes, a central leasing office and club/activity room. Apartments are a mix of 68 studios and 31 one-bedroom/one-bathroom units which are 408 and 651 rentable square feet, respectively. Residents of Haciendas de Ybor enjoy amenities such as an on-site leasing office with 24-hours desk clerk, a community club room, four laundry facilities and a mobile public library.
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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