TAMPA, Fla., July 11, 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 Beach and Hyde Portfolio, an 11-unit apartment portfolio located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The portfolio sold for $1,648,000.
Shawn Rupp, associate, and Casey Babb, CCIM and vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the portfolio on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Rupp and Babb.
The Beach and Hyde Portfolio includes the Hyde Park Place and Beach Place apartment buildings located within the Class A+ Historic Hyde Park submarket of South Tampa. These early 1900’s vintage buildings are just steps from Bayshore Boulevard and the downtown Tampa waterfront. The units in this portfolio feature original wood floors, fireplaces, semi-private entries, high ceilings and updated kitchens and baths in select units.
Hyde Park Place features Colonial-style architecture with prominent columns and a steep pitched roof. The two-story building consists of one, one-bedroom/one-bathroom apartment and four, two-bedroom/two-bathroom apartments.
Beach Place is a six-unit, mixed-use property featuring a grand wrap-around Plantation-style porch. The two-story building consists of two, two-bedroom/two-bathroom live-work office units, two, two-bedroom/two-bathroom apartments and two, one-bedroom/one-bathroom apartments.
“This was an extremely well-located asset consisting of mostly two-bedroom/two-bathroom units with 11 foot plus ceilings, private porches and off-street parking,” says Babb. “Our team’s campaign was able to build a market around the asset which resulted in competitive offers, a short due diligence period and a successful closing in two weeks at 100 percent of the asking price.”
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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