TAMPA, FL, July 31, 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 Vista Gardens Apartments, 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 $1,650,000.
Joshua Teplitzky, 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 also secured and represented by Joshua Teplitzky, Francesco P. Carriera and Michael P. Regan.
“Vista Gardens represents a transaction sold by our team twice within eleven calendar months,” says Teplitzky. “In a combined effort of working with the owner and putting a business plan in place, we increased the value of the underlying asset by 58% within a very short time frame,” added Teplitzky.
“The buyer acquired the property at the list price and increased his holdings within the Port Tampa submarket to over 100 units in addition with another property we sold him earlier this year,” concluded Teplitzky.
Vista Gardens Apartments is located at 3809 West Iowa Avenue in Tampa, Florida.
# # #
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