TAMPA, FL, December 22, 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 Grant, a 12-unit apartment building located in the Hyde Park submarket of Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.
“The Grant was a perfect mix of a Class A+ location and a building which recently undergone major renovations, including new HVAC system and the addition of in-unit washers and dryers,” says Shawn Rupp, associate in Marcus & Millichap’s Tampa office. “This recently renovated project provided a perfect opportunity for an out-of-area investor to purchase a stabilized building with a strong current cash flow. The buyer plans to implement a business plan to make strategic improvements to the units and increase revenues an additional 10 to 20 percent over the next 12 to 18 months.”
Rupp, along with Luis Baez, CCIM and senior associate, and Casey Babb, CCIM and vice president investments, also in the firm’s Tampa office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a private investor.
The Grant is located at 1914 West Dekle Avenue in the Class A+ submarket of Hyde Park in Tampa, Florida. It is just a few blocks from Bayshore Boulevard, South Howard Avenue, Bern’s Steakhouse and Hyde Park Village. Built in 1925 and renovated in 2016, this building features the charm and character typical for buildings from this historically rich construction era. The Grant consists of four studios and eight, one-bedroom/one-bathroom apartments averaging approximately 570 square feet, and the units are housed in one, two-story, garden style apartment building.
# # #
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