TAMPA, Fla., July 5, 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 Branch Court & Candy Co. Flats, a 2-property, 19-unit apartment property portfolio located in Tampa, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The portfolio sold for $2,440,000.
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, also a Tampa-based private investor,represented themselves internally.
“Seminole Heights is an emerging market just north of Downtown Tampa and is popular for both young professionals and investors alike. Many of the historic bungalows are being rehabbed, you have an exciting food and craft brew scene and, recently, two new mix-use properties broke ground representing the first new construction apartments within the submarket roughly 50 years,” said Babb. “At $128,500 per unit, this purchase came at a relative discount to what similar properties are trading for just a few miles south in Hyde Park,” added Rupp.
Branch Court was built in the 1920’s, this nine-unit brick complex is located in the heart of the Seminole Heights historic district. Branch Court is within walking distance to great restaurants, antique shops and the most popular Starbucks in Tampa.
Candy Co. Flats was built in 1925 which served as an early mixed-use building that originally housed Harry’s Candy Co. and several apartments above the factory. Ownership has maintained the vintage warehouse feel by incorporating industrial details throughout the renovation. Branch Court & Candy Co. Flats are located in the heart of the Seminole Heights submarket in Tampa, Florida.
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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 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