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You are here: Home / Commercial Real Estate & Developers / Marcus & Millichap Arranges the Sale of a 16-Unit Apartment Building

Marcus & Millichap Arranges the Sale of a 16-Unit Apartment Building

July 26, 2018 by Post

APOLLO BEACH, Fla., July 26, 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 Mainsail, a 16-unit apartment property located in Apollo Beach, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,725,000.

Luis Baez, Miles Tombrink, Casey Babb 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 private investor.  The buyer, a private investor, was secured and represented by Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp.

“Mainsail is a one-of a kind asset in a rapidly growing, high-barriers to entry market that received a high volume of interest. Through our marketing efforts we were able to procure several written offers from investors all across the country before securing a buyer out of New York who closed on the transaction at the initial contract price,” stated Tombrink.

Mainsail is a 16-unit apartment community located in the South Shore submarket of Hillsborough County, Florida. The property is made up of two, two-story buildings, surrounding a sparkling swimming pool and backing up to a waterfront canal, sitting on 0.33 acres. Building one which has 10 of the 16 units was built in 1974 of concrete block with a pitched shingle roof and a painted stucco facade. The unit mix consists of four, one-bedroom and one-bathroom units (735 square feet) twelve, two-bedroom and one-bathroom units (888 square feet). Building two, the remaining six units, was built in 1989 of concrete block construction with a pitched shingle roof and a painted stucco facade.

Units feature large, open floor plans with central heat and air-conditioning, private balconies, canal and pool views, dishwasher and above range microwave ovens in select units. Community amenities include lush tropical landscaping, a sparkling swimming pool, two recently renovated on-site laundry centers, waterfront living and off-street parking. The common area also features an open green space between the water canal and the swimming pool. Mainsail is located at 1003 Apollo Beach Blvd in Apollo Beach, Fla.

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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

 

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