TAMPA, FL, September 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 Iowa Court Apartments, a 20-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,045,000.
Joshua Teplitzky, senior associate, Francesco P. Carriera and Michael P. Regan, both first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Teplitzky, Carriera and Regan.
Iowa Court Apartments is a 20-unit multifamily community located at 3809 West Iowa Street in Tampa, Florida. The property consists of one, two-story residential building. The residential building is comprised of 20 one-bedroom/one-bathroom units with 625 rentable square feet. All units have individual heating and air-conditioning, and the building sits on an approximately 0.48 acre parcel of land.
“This property represents another one of our most recent transactions in South Tampa within close proximity to the Macdill Air Force Base. The total revenue in this immediate submarket has risen almost 20 percent year over year due to a large number of communities trading hands to foreign investors recently,” says Teplitzky.
“Iowa Court was a significant value-add opportunity and the buyer plans to make substantial immediate capital investment to the asset on both the interior and the exterior,” Teplitzky concluded.
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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