TAMPA, Fla., November 8, 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 Druid Hills Portfolio, a 20-unit apartment portfolio located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,275,000.
Miles Tombrink, 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 private investor. The buyer, a private investor, was also secured by Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp.
“Due to our national marketing campaign, we were able to generate several written offers before eventually coming to terms with a buyer out of California. He was attracted to the value-add component of the deal and increased cash-flow to be achieved upon execution of the business plan,” says Tombrink.
The Druid Hills Portfolio is a 1970s vintage garden apartment community located in the University submarket of Tampa, Florida and minutes from major demand drivers, points of interest, and major transportation corridors. Druid Hills consists of ten buildings, totaling twenty units. Eight of the Ten buildings are located on North 48th Street with the other two buildings being located two streets over on North 46th Street. Each duplex is constructed of concrete block construction with pitched shingle roofs. Units consist of two-bedroom/one-bathroom units averaging 792 square feet. Tenants are afforded some of the best amenities for like-kind rentals as each unit has washer/dryer hookups and fenced in yards. Recent capital improvements include majority tile floor units, new roofs on select buildings, nine central HVACs replaced in the last three years and each unit has its own fenced yard.
Druid Hills is conveniently located one block south of Busch Boulevard, a major east-west thoroughfare providing access to major interstates and state highways. Situated just minutes from major employers and employment hubs, the property offers residents a central location with convenient access to many jobs. Major points of interest in close proximity to Druid Hills include Busch Gardens & Adventure Island (1.0 miles and 3,000 employees), University of South Florida (2.0 miles and 16,000 employees) and University Mall (3.0 miles) which is undergoing a massive renovation and adding additional major national tenants. Located 3.5 miles from Druid Hills, is Interstate 275, giving access to Downtown Tampa (60,000 employees and 20-minute drive) and Westshore Business District (94,000 employees and 25-minute drive).Druid Hills Portfolio is located at 8720 North 48th Street 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