TAMPA, Fla., July 13, 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 Aguila Palms, a seven-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $390,000.
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 partnership. The buyer, a limited liability company, was secured and represented by Rupp, Babb and Baez.
Aguila Palms is a two-story, garden-style apartment building located at 2501 North B Street in the West Tampa submarket and just two blocks from Kennedy Boulevard and Howard Avenue. Constructed in 1924, the property consists of four, one-bedroom/one-bathroom, two, two-bedroom/one-bathroom and one, three-bedroom/one-bathroom apartments averaging approximately 529, 640 and 720 square feet, respectively.
“Our brief marketing campaign created significant interest in the offering, which resulted in a full price offer, five-day due diligence and closing in under 30 days at 97.5 percent of the asking price,” says Rupp. “The buyer is planning to reposition the asset and bring rents to market, and the property is projected to restabilize at an in-place 9.5 percent cap rate.”
“For our team, Aguila Palms is the seventh South Tampa closing in four months, and our average list-to-close ratio for the submarket is 100.45 percent,” Rupp concluded.
# # #
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