TAMPA, FL, December 1, 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 South Tampa Apartments, a 48-unit multifamily community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,325,000, which is approximately $120 per square foot.
Joshua Teplitzky, senior associate, Cameron Barbas, associate, Francesco P. Carriera, first vice president investments, and Michael P. Regan, first vice president investments, all in Marcus & Millichap’s Tampa office, represented the seller. The buyer, a private investor based in South America, was secured and represented by Paul D. Nudelman, senior associate in the firm’s Miami office.
“This is a great example of how Marcus & Millichap’s collaborative environment and platform helps move capital from out-of-area buyers into out-of-area investment properties,” says Nudelman.
“Our team has sold this property twice in 13 months, which helped maximize the seller’s net proceeds and avoid short term capital gains,” adds Teplitzky. “It’s always a pleasure to work with an agent from other Marcus & Millichap offices while helping investors reallocated capital in new geographic areas.”
“This multi-office collaborative effort allows us to truly maximize value for our sellers in ways no other real estate firm can do. Together we were articulate to convey the tremendous growth within the South Tampa submarket allowing South Tampa Apartments to close at $120 per square foot with upside, the highest price per square foot on the South Dale Mabry corridor south of Gandy Boulevard” Barbas said.
South Tampa Apartments is a 48-unit multifamily community located at 3729 West Tyson Avenue in Tampa, Florida. The property consists of three, two-story residential buildings on an approximately 1.35 acre parcel of land. The buildings are comprised of 36 one-bedroom/one-bathroom units with 505 rentable square feet and 12 two-bedroom/one-bathroom units with 791 rentable square feet. South Tampa Apartments is exceptionally located in the South Tampa submarket and conveniently situated near downtown Tampa, the prestigious Bayshore Boulevard and Hyde Park. Also, it is a 15 minute drive to Westshore Business District, the largest business district on Florida’s west coast.
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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