TAMPA, FL, September 14, 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 Newport Apartments, a four-unit apartment building located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $835,000.
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 property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Shawn Rupp and Casey Babb.
Newport Apartments is a Class A apartment building located at 607 South Newport Avenue in the Class A+ submarket of Historic Hyde Park in South Tampa. Located just north of Swann Avenue and three blocks from Bayshore Boulevard and Hyde Park Village, Newport was built in 1979 and renovated 2016. The building consists of four, two-bedroom/two-bathroom units with approximately 816 rentable square feet which have condo grade finishes and off-street parking.
“607 South Newport just completed top-to-bottom renovations including a new roof and condo grade interiors,” says Rupp. “The local buyer was attracted to this asset’s high rents and the need for very little capital improvements over the next decade.”
“The seller has sold multiple properties through our team, and was able to close at a record price on this unique asset in less than 30 days,” concluded Rupp.
# # #
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