TAMPA, FL, March 23, 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 Villa De Cortez, a 20-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $920,000.
Cameron Barbas, senior associate, and Michael P. Regan and Francesco P. Carriera, both senior managing director investments, had the exclusive listing to market the property on behalf of the seller and procured the buyer. Barbas, Carriera and Regan are in Marcus & Millichap’s Tampa office.
“The new buyer saw an opportunity to purchase a stable cash flowing asset in a working class neighborhood while take advantage of the increase in occupancy and rent growth in this particular submarket,” says Barbas.
Villa De Cortez is a 20-unit multifamily community located at 1510 East 140th Avenue and 1801 East 142nd Avenue in Tampa, Florida. The property consists of 10 residential buildings comprised of 20, two-bedroom/one-bathroom units with 700 rentable square feet. The property sits on approximately 1.90 acres of land.
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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