TAMPA, Fla., December 11, 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 KAIN Portfolio, a 202-unit apartment property portfolio located in Tampa, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $14,750,000.
Cameron S. Barbas, Francesco P. Carriera and Michael P. Regan, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured and represented by Cameron S. Barbas, Francesco P. Carriera and Michael P. Regan.
This portfolio sale reflects the strategic partnership between the seller and the listing agent, Cameron Barbas, by identifying a strengthening Tampa market, and growth of the Innovation District. “We have been working with the seller for over two years to strategically target which rents to increase and by how much and the expenses that could be reduced through improvement of operation processes, which resulted in an increase to the seller’s Net Operating Income. This increase in cash flow directly correlated to an increase in the seller’s equity to the tune of $5 million over the two-year relationship,” says Mr. Barbas. Mr. Barbas was able to generate 20 offers for buyers looking to acquire the entire portfolio or offers on the individual.
“On an individual basis, the properties sold at the highest price per unit for any transaction in the C class market of what was formerly known as “Suitcase City.” The buyer’s business plan will capitalize on the growing rental rates of the sub-market, the constant gentrification of the neighborhood and tax benefits created within the Opportunity Zone. The seller will be able to take that equity and place it into new investment vehicles. This is a deal where all parties win,” adds Mr. Barbas.
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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