TAMPA, Fla., August 16, 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 Eden Court Apartments, a 28-unit apartment community located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,765,000.
Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, secured both the buyer and seller in this transaction.
Eden Court Apartments is a 28-unit multifamily community located at 3712 West Cass Street in Tampa, Florida. The property consists of two, two-story buildings and the buildings are comprised of 28 one-bedroom/one-bathroom units with 700 rentable square feet. The property sits on approximately .58 acres and all units have individual air conditioning. The interior of the units were upgraded with laminate hardwood flooring, vinyl tile in the kitchens and bathrooms in select units, ceramic tile in the kitchens and bathrooms in select units and new windows in select units.
“This property was sold to a local Tampa investor who saw significant value in the location within the Westshore Business District,” says Teplitzky. “One day after closing the buyer was able to raise the rents over $150 from the property’s previous asking rates. The buyer plans to enhance the property’s curb appeal and improve the asset through a substantial renovation plan.”
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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