TAMPA, FL, June 2, 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 The Dos Santos Portfolio, an eight-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $950,000.
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 limited liability company, was secured and represented by Shawn Rupp, Casey Babb and Luis Baez.
“The seller of the Dos Santos Portfolio had unsuccessfully put the property under contract with several buyers through several other agents prior to our team taking the assignment,” says Rupp. “Not only was our team able to successfully close in 30 days, but we were also able to achieve a price of $20,000 more per unit than the seller’s previous contract.”
“This property has almost unlimited upside potential for the buyer, who plans to completely renovated both the interior and exterior of the portfolio,” Rupp continues.
The Dos Santos Portfolio is a two-property portfolio located at 3104 West San Juan Street and 3402 West San Pedro in the Palma Ceia submarket of South Tampa, just south of Bay to Bay Boulevard and just west of Bayshore Boulevard. The portfolio consists of two, one-bedroom/one-bathroom apartments, two, one-bedroom/one-bathroom apartments with a den and four, two-bedroom/one-bathroom apartments. The apartments range in size from approximately 648 to 790 rentable square feet.
The average household income within a one-mile radius of the Dos Santos Portfolio is $112,687, which is more than double the national average. Palma Ceia is arguably one of the strongest rental submarkets in the entire Tampa Bay region. It is a haven for young professionals and offers ease of access to major employment centers in downtown Tampa and the Westshore Business District, as well as shopping, dining and entertainment.
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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