LARGO, FL, November 28, 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 Tara Gardens, a 22-unit apartment property located in Largo, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,280,000.
Joshua Teplitzky, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“Tara Gardens was part of a two-property portfolio that sold with Seminole Village Apartments, which was a debt assumption,” says Teplitzky. “The property was marketed for a week before going under contract due to the pent-up demand for entirely renovated assets in Pinellas County. The property sold at the top end of the range for recent sales in Largo, just under $90 per square foot, as the unit mix was primarily one-bedroom floor plans.”
Tara Gardens is a 22-unit multifamily community located at 1630 Jefferson Avenue in Largo, Florida. The property consists of one, two-story building that sits on approximately 0.51 acres of land. The building is comprised of one-bedroom/one-bathroom units and two-bedroom/one-bathroom units. All but one of the units were remodeled within the last year with new ceramic tile in kitchens, living rooms, select bathrooms, new carpet in bedrooms, new white kitchen cabinets and appliances.
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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