TAMPA, Fla., May 25, 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 Estrella, a four-unit apartment property and The Bonaventure, a 10-unit apartment property located in Tampa, Florida according to Ari Ravi, regional manager of the firm’s Tampa office. The assets sold for $2,550,000.
Francesco P. Carriera, Michael P. Regan, Cameron S. Barbas and Matthew W. Prozzillo, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the properties on behalf of the seller, a private investor. They also secured and represented the buyer, a private investor.
“This portfolio sold at a blended $264.55 per square foot which is one of the highest price per square foot transactions in the Hyde Park market. Bonaventure and Estrella assets were essentially stabilized deals. We were able to find the value-add components within the portfolio and convey them to the buyer pool. Generating multiple offers in the first three weeks of marketing. The buyer is already achieving higher rental rates,” says Barbas.
Cameron Barbas, Michael Regan, and/or Frank Carriera have on the market or transacted on over 27 properties in the South Tampa sub-markets since November 2014. Their activity comprises approximately 50 percent market share of all units that have transacted in the encompassing sub-markets.
“On every deal, we’re able to establish business strategies with buyers specific to the asset that helps earn the return requirements for the buyer while also earning top dollar for our sellers. The property values in the area continue to increase due to the job growth and development of the several business districts around Tampa,” says Barbas.
Recently renovated, the Estrella Apartment and The Bonaventure feature updated appliances, granite countertops and original hardwood floors. The Estrella Apartments is a two-story building comprised of four one-bedroom/one-bath units with approximately 700 rentable square feet each. The building sits on about 0.23 acres of land. Amenities include washer/dryer appliances in each unit, covered parking and secured entrances. Estrella Apartments is located at 2812 West Estrella Street in Tampa, Florida.
The Bonaventure is a two-story building comprised of three studios with 450 rentable square feet; three, one-bedroom/one-bath units with 600 rentable square feet; and four, one-bedroom/one-bath units with 875 rentable square feet. The building sits on about 0.23 acres of land, and each unit has central heat and air-conditioning. Amenities include an on-site laundry facility, washer/dryer appliances in select units, nine-foot ceilings, covered parking and keyless entry. The Bonaventure is located at 2915 West Estrella 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 over 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