TAMPA, FL, August 4, 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 Carmen Apartments, a 16-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,120,000.
Jason Hague, associate, 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 limited liability company, was secured and represented by Hague, Donaldson and Meoli.
Carmen Apartments is a 16-unit multifamily apartment community located at 4303 West North A Street in Tampa, Florida. The property was constructed and is situated on approximately .41 acres of land. Made up of one building, the unit mix consists of eight, one-bedroom/one-bathroom units with 600 rentable square feet and eight, two-bedroom/one-bathroom units with 900 rentable square feet.
“Through our broad reaching national marketing campaign, the Meoli-Donaldson team was able to bring nine offers to the seller within 48 hours of hitting the market. Due to the tremendous activity that we received, we were able to guide seven of those buyers to either at or above list price, eventually going under contract with a cash buyer in a 1031 exchange,” says Hague. “In order to keep their offer competitive, the ultimate buyer waived all inspection and financing contingencies up front and closed 15 days from the executed contract date on an all cash basis. The assignment is a true indication of how competitive the current market conditions are and how Marcus & Millichap and our team can truly perform for our clients.”
# # #
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