TAMPA, FL, June 10, 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 St. Andrews Square Apartments, a 36-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $3,715,000.
Francesco P. Carriera and Michael P. Regan, both first vice president investments, and Nicholas Meoli and Michael Donaldson, both vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Michael Donaldson, Nicholas Meoli, Joshua Teplitzky, senior associate, and Cameron Barbas, associate, all in the firm’s Tampa office.
“This was a highly competitive marketing process with offers submitted from buyers in California, New York and Miami amongst others, which led to the property closing over list price,” says Teplitzky.
“We received seven offers in less than a month of marketing which allowed us to achieve a sales price that once again set a new high price per unit within a given submarket,” added Barbas.
St. Andrews Square Apartments is a 36-unit multifamily community centrally located in Tampa at 4113 Tartan Place within the highly desirable Carrollwood/Citrus Park submarket, which had a 7.9 percent rental growth over the past 12 months. The property is situated on an approximately 6.93 acre site and is comprised of six, two-story residential buildings. The buildings consist of 36 two-bedroom/two-and-a-half-bathroom townhomes with 1,250 rentable square feet. St. Andrews Square is within minutes of the Westshore Business District with over 100,000 employees and the International Mall featuring 200 stores and 15 restaurants.
“The townhouse units were renting substantially under market, but were increased by $200 per floor plan at the time of sale,” Teplitzky said.
“There is a lot going on in the Tampa MSA in regards to developments, jobs and entertainment which is exciting residents to live here and inherently leading to higher occupancy and high rental rates across the MSA. Investors from around the country and internationally continue to identify Tampa as a strong city to invest in,” concluded Barbas.
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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