TAMPA, Fla., November 7, 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 Orangeview Apartments, an 8-unit apartment property located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $690,000.
Cameron S. Barbas, Francesco P. Carriera, Michael P. Regan and Matthew S. Valeri, 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 Cameron S. Barbas, Francesco P. Carriera, Michael P. Regan and Matthew S. Valeri.
“By the Seller making the decision to have an exclusive listing with Carriera Regan, it proved to be extremely beneficial,” says Cameron Barbas. “The bidding war created by Carriera Regan’s personal marketing strategies and ultimately led to several buyers submitting offers from around the country as well as well as internationally. Tampa Bay is on everyone’s radar. As a real estate professional in the area and a Tampa native, it is great to see capital coming from overseas for a small asset like Orangeview,” adds Cameron Barbas.
“The Asset was acquired by the Sellers during the last peak at a heightened price. They unsuccessfully attempted to sell the asset off market prior to signing the exclusive with Carriera Regan,” says Cameron Barbas.
“Thanks to Tampa’s growing fundamentals and our marketing platform the sellers were able to close over list price. The over list price sale netted the Sellers more profit than anticipated and the $86,250 per unit closing price is now one of the highest comps in this Sub-Market. We were able to close the transaction in approximately 60 days from the sellers signing the representation agreement. The additional dollars over list price would have been unrealized by the Sellers if the asset had been sold off market,” adds Mathew Valeri, who worked with the International Buyer.
Orangeview Apartments consists of two, two-story buildings comprised of eight, two-bedroom/one-bathroom units with 812 rentable square feet. The buildings sit on an approximately 0.33 acres of land and all units have central heat and air-conditioning. Originally built in 1983, the property has recently been renovated to include tile flooring, new kitchen cabinets, Formica countertops, new bathroom fixtures and washer dryer connections. Orangeview Apartments is located at 8802 North Orangeview Avenue 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