PALMETTO, FL, July 18, 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 Bayside Villas, a 44-unit apartment property located in Palmetto, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,675,000.
Casey Babb, CCIM and Luis Baez, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in South Florida. The buyer, a private investor based in Tampa, was also secured and represented by Casey Babb and Luis Baez.
“This asset was built under an old affordable housing program in the 1980’s and was then converted successfully to market rate apartments a few years ago. The seller was able to profit on the value he created in the conversion process but the buyer will also realize a nice profit once he rehabs the final 10 apartments and moves those rents to market,” says Babb.
Bayside Villas is located at 602 20th Lane East in Palmetto, Florida. Built in 1986 on a large 8.52 acre site, the property consists of 10 one-bedroom/one-bath and 34 two-bedroom /one-bath apartments which are housed within 11 single-story concrete block buildings with pitched shingle roofs. Community amenities include an on-site leasing office and laundry center and occupancy has consistently been above 95 percent for the past 12-months.
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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