TAMPA, Fla., September 4, 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 4611 N. Hubert, a 14-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $720,000.
Joshua D. Teplitzky and Cameron S. Barbas 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 Joshua D. Teplitzky and Cameron S. Barbas.
“Drew Park is an industrial area centrally located in Tampa. This sale represents the highest price per unit in the immediate area. We were able to help the seller create a business plan when he acquired this asset,” stated Mr. Barbas.
“The business plan entailed renovating and repositioning the asset and then sell the asset. A similar business plan was put in place for the new investor to capitalize on the renovations and continue to increase rents,” added Mr. Teplitzky.
The 4611 N. Hubert apartment buildings consist of a mix of studio, two-bedroom/one-bath and three-bedroom/one-bath units. The apartment buildings are conveniently located near Hillsborough Community College, Raymond James Stadium and Tampa International Airport.
Tampa Bay boasts a low cost of living and economic developments are bringing a thriving business landscape to the Tampa Bay-St. Petersburg metro. High-tech industries as well as the tourism, military, finance, and seaborne commerce segments drive the region’s economy. The metro has a mild climate and a beautiful waterfront that attracts many residents and visitors. Numerous state parks, historic sites, museums, theaters and retail centers also dot the landscape of Tampa. 4611 North Hubert is located in Tampa, 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