TAMPA, FLORIDA, June 8, 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 South Melville Apartments, an 8-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,300,000.
Cameron Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Cameron Barbas, Francesco P. Carriera and Michael P. Regan.
“This was a turn-key asset in the heart of the South Howard District on Platt Avenue. The property is within walking distance to countless bars and restaurants. We were able to generate seven offers during the marketing period. This created the necessary competition to close at $225 per foot,” says Barbas. “We helped the current owner acquire the property at a compressed cap rate, put a renovation plan in place which accounted for $300,000 in renovation, and then able to assist with the disposition of the property,” added Barbas.
South Melville Apartments is located at 224 South Melville Avenue in Tampa, Florida. The unit mix is comprised of (8) 1×1 floor plans that have been fully renovated with new countertops, cabinets, tile flooring in the kitchen, GE appliances, central HVAC and new windows. Amenities include an on-site laundry facility.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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