TAMPA, FL, December 21, 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 Academy, an 18-unit apartment building located in the Class A, Hyde Park submarket of Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,205,000, which was 111 percent of the list price.
“This was a truly one-of-a-kind asset in the historic Hyde Park submarket of South Tampa,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “Our marketing efforts generated 22 tours and multiple offers over list price. This property had a tremendous amount of future potential, which we were able to help the market visualize with detailed interior and exterior photo renderings and a solid business plan.”
Rupp, along with Luis Baez, CCIM and senior associate, and Casey Babb, CCIM and vice president investments, both 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 Academy is an 18-unit apartment building located at 404 South Newport Avenue in the Hyde Park submarket of South Tampa, arguably one of the strongest rental submarkets in the Tampa Bay area. It is just south of Platt Street and a short walk to Hyde Park Village, South Howard Avenue and Bayshore Boulevard. Built in 1924, this building features the charm and character typical for buildings from this historically rich construction era. The two-story building consists of four studio apartments, 11 one-bedroom/one-bathroom units and three, two-bedroom/one-bathroom ranging in size from 570 to 1,050 rentable square feet.
# # #
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