TAMPA, Fla., January 23, 2018 – 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 Garden Place, a 32-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,260,000.
Miles Tombrink, Luis Baez, Shawn Rupp and Casey Babb, 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 limited liability company, was secured and represented by Miles Tombrink, Luis Baez, Shawn Rupp and Casey Babb, investment specialists in Marcus & Millichap’s Tampa office.
“After marketing the property for three weeks, we were able to generate nine offers and set up a best and final with the top five potential investors. Due to the auction like environment we create through our marketing process and national reach, we were able to close slightly over list price,” says Mr. Tombrink.
Garden Place is a 1980’s vintage garden apartment community in the University submarket of Tampa, Florida and minutes from demand drivers, points of interest and transportation corridors. Garden Place is located at 8733 North 50th Street in Tampa, Florida.
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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