TAMPA, FL, February 27, 2017 – 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 Sun Bay, an 88-unit multifamily community located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $5,891,500.
Cameron Barbas, senior associate, along with Francesco P. Carriera, and Michael P. Regan, both senior managing director investments, all in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“Our marketing was able to produce six competitive offers from buyers out of five different states,” says Barbas. “Time and time again, we’ve been able to successfully convey to our national buyer pool the exponential growth in rental rates and values of apartments in the south of Gandy portion of South Tampa. As rents in the urban core continue to rise, this sub-market follows the same trajectory. The area is becoming extremely appealing to residents as a low-cost provider to the Hyde Park and downtown markets due to the short commute to the Westshore Business District, Gateway Business District, and Downtown Tampa (the three largest business districts in the Tampa MSA). This is the latest of approximately 700 apartment units that myself and the Carriera Regan team has closed south of Kennedy Boulevard in a little over a year”
Sun Bay, an 88-unit multifamily community, is exceptionally located in South Tampa at 3730 West Bay Avenue. It is one of the closest multifamily properties to MacDill Air Force Base, as well as within a 15 minute drive to downtown Tampa, Westshore Business District and Gateway Business District. The property has an excellent unit mix consisting of 32 one-bedroom/one-bathroom units with 600 rentable square feet and 56 two-bedroom/one-bathroom units with 900 rentable square feet.
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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