TAMPA/ST. PETERSBURG, FL, December 2, 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 a 21-unit multifamily portfolio located in Tampa and St. Petersburg, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $690,000.
“The seller felt now was the time to realize profits on a portfolio assembled in the aftermath of the Great Recession,” says Ned Roberts, associate in Marcus & Millichap’s Tampa office. “We were pleased to identify a singular buyer capable of acquiring this non-contiguous portfolio of assets.”
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.
The portfolio consists of one duplex, one triplex and four quadplexes located across both Hillsborough and Pinellas counties. There are 21 units comprised of one, two and four-bedroom floor plans ranging in size from 575 to 1,020 rentable square feet. The portfolio has a history of high occupancy rates and was 100 percent occupied at the time of sale.
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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