TAMPA, Fla., April 6, 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 Seminole Heights Portfolio, a 46-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $4,925,000.
Casey Babb, CCIM, Shawn Rupp 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 local private investor. The buyer, also a local private investor, was secured and represented by Casey Babb, Shawn Rupp and Luis Baez.
“Seminole Heights is an emerging market with very little rental inventory so there aren’t many trades there but we were able to quickly secure a qualified buyer for the portfolio who put up a non-refundable deposit, conducted a 20-day due diligence and closed within 45-days from contract effective date at 98.5 percent of list price”, says Babb. “As compared to Hyde Park just three miles south, Seminole Heights represents an excellent value with equally good prospects for rent growth and future appreciation,” added partner Mr. Rupp.
The Seminole Heights Portfolio is a 46-unit garden apartment portfolio spread over ten historic properties within Tampa, Florida’s original suburb just three miles north of downtown and four miles east of the Westshore Business District. This turn-key portfolio accounts for approximately 85 percent of the apartment inventory in Seminole Heights and therefore maintains extremely high occupancy levels and very little resident turnover.
Units are a mix of studio, one, two and three bedrooms which range anywhere from 272 to 1,544 square feet with an average square footage of 728. Most have hardwood floors, large windows and above average ceiling heights with only a few exceptions and there is a well-thought-out blend of both modern conveniences along with old historical touches. The portfolio is rented at an average of $915 per month or $1.26 per square foot which compares with the new construction coming into the neighborhood closer to $2.00 per square foot.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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