ZEPHYRHILLS, Fla., August 30, 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 Zephyr Point South, a 19-unit apartment property located in Zephyrhills, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,100,000.
Miles Tombrink, Luis Baez, CCIM, Casey Babb, 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 private investor. The buyer, a private investor, was also secured and represented by Miles Tombrink, Luis Baez, CCIM, Casey Babb, CCIM and Shawn Rupp.
“Due to our marketing capabilities and national reach, we were able to generate thirteen property tours resulting in ten written offers. After vetting all of the potential buyers we decided to move forward with a buyer out of New York,” said Tombrink.
Zephyr Point South is a 1980s vintage garden apartment community consisting of nine buildings, totaling 19 units. All 19 units are located on the same block in Pasco County’s Zephyrhills, Fla. Built of concrete block construction, all units have single pitched roofs and average between 500 square feet to 1,200 square feet. Recent unit improvements include new central HVACs as well as new tile and carpet.
Zephyrhills is part of the Tampa Bay Metropolitan Statistical Area (MSA) and has a population of 14,907 according to the 2016 census with an expected population boom of 25 percent over the next decade. Zephyrhills is located in the middle of an impressive framework of highways, rail lines, a major sea port and several airports making it accessible to destinations within Tampa Bay as well as Central Florida. Zephyr Point South is located at 4828 9th Street in Zephyrhills, 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