TAMPA, FL, September 20, 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 The Place at Davis Island, a 40-unit apartment community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The leasehold interest sold for $5,000,000.
Casey Babb, CCIM and vice president investments in Marcus & Millichap’s Tampa office, and Tyler Leeson, first vice president investments in the firm’s Newport Beach office, acted in a transaction broker capacity and put the deal together on an off-market basis. The buyer, a California-based private investor, was secured and represented by Babb and Leeson. The seller, a Tampa-based partnership, was represented internally.
The Place at Davis Island is a 40-unit vintage, garden-style community located on beautiful Davis Island at 401 Danube Avenue in Tampa, Florida. The property consists of 40 one-bedroom/one-bathroom units with 700 rentable square feet of which 25 percent have been rehabbed with modern kitchens, new flooring, fixtures and stacked washer/dryers.
“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970’s and through internal collaboration we were able to connect a California 1031 exchange buyer with a great opportunity in Tampa,” says Babb. “The seller owned the leasehold interest for nearly 20 years and plans to trade into a larger asset. The buyer was in a 1031 exchange and plans to rehab the remaining units and increase the rents to market.”
# # #
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