TAMPA, FL, November 29, 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 St. Louis Plaza, a 16-unit multifamily community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,555,000. The sale price equates to $97,188 per unit, a record for assets of this class within this submarket sector north of Kennedy Boulevard.
“This was a unique opportunity to represent a local family which built the property in 1984, and a buyer who also has deep roots in the community,” says Luis Baez, senior associate in Marcus & Millichap’s Tampa office.
“The buyer shared our vision for the asset and the submarket, and plans a comprehensive interior and exterior renovation,” adds Shawn Rupp, associate in the firm’s Tampa office. “He is targeting a market we believe to be underserved right now – professionals seeking relatively affordable, well-appointed apartments,” explains Ned Roberts, associate in Tampa.
Luis Baez, Shawn Rupp, Ned Roberts, along with Michael Donaldson and Nicholas Meoli, both vice president investments in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller. They also procured and represented the buyer.
St. Louis Plaza is a 16-unit, multifamily community located at 4114 West North B Street in Tampa, Florida. The three-story building consists of eight, one-bedroom/one-bathroom units with approximately 725 rentable square feet and eight, two-bedroom/two-bathroom units with approximately 1,100 rentable square feet. St. Louis Plaza is ideally located two blocks north of Kennedy Boulevard and just steps east of Lois Avenue, which intersects Interstate 275 one-third of a mile to the north. It is located within the Westshore Business District, Tampa’s leading business district with 12.75 million square feet of office space and more than 4,000 businesses and 100,000 employees.
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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