TAMPA, Fla., April 19, 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 WestHaven Urban Residences, a 16-unit apartment property located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,575,000.
In partnership with Ned Roberts, CCIM and the Meoli-Donaldson Partners, Casey Babb, CCIM, Luis Baez, CCIM and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Tampa-based private investor. The buyer, a Sarasota-based private investor, was secured and represented by an outside broker.
“The Seller had completed a roughly $25,000 per unit rehab of what was already a nice property, and our marketing campaign attracted six written offers from a mix of local, regional and national investors”, says Babb. “The final sales price set a new price record within the Westshore submarket for small apartment properties and from what we can tell was the highest price per unit paid in Tampa’s history for a 1980’s vintage property”, added Roberts.
WestHaven Urban Residences is a newly repositioned 16-unit, 1980’s vintage Class A garden apartment community located in Tampa, Florida, within the Westshore submarket one of the most densely populated employment centers in the region. This turn-key asset is in its first generation of leases (post-rehab) and currently commands effective rents 17 percent and eight percent below the averages of comparable properties in the submarket, respectively, signaling immediate upside potential as units turn. WestHaven Urban Residences is expected to perform at consistently high occupancy levels, in a growing submarket and will provide durable cash-flow and stable returns. WestHaven Urban Residences is located at 4114 West North B Street in Tampa, Florida.
# # #
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